Darlington's new stadium has a capacity of 27,500

Millionaire Mr Reynolds said he took the decision to protect the club from being wound up by the Inland Revenue.

The move comes just months after the club unveiled a new �25m stadium and with the team just one place off the bottom of the Third Division.

But Mr Reynolds has been locked in a legal battle with Darlington Borough Council over alternative uses for the stadium.

He wanted to use the stadium for car boot sales, but was refused permission by council bosses.

In a statement, he said: "I have today invited the appointment of joint administrators to protect the club from being wound up by the Inland revenue, who have issued a winding-up petition.

"I will provide every assistance to ensure the future well being of the club.

"Whilst the administrators resolve the footballing issues, I will endeavour to develop other commercial interests for the benefit of the club."

The stadium, which can hold a capacity of 27,500, rarely has more than 10,000 seats filled.