Darlington Football Club secures £55,000 through crowdfunding site Squareknot
Oversubscribed pitch to help team “achieve its dream” of returning to home town
Darlington Football Club (FC) has closed £55,000 on equity, reward and loan-based crowdfunding platform Squareknot to help support its return to Darlington, overfunding its initial target of £50,000.
The campaign, which was presented as an “exciting opportunity for the fans, businesses and local community”, was backed by 36 investors in return for a 14% equity stake.
Having shared facilities at Bishops Auckland for a second season, Darlington FC are keen to use the funds to “assist its quest” to return to its founding city and to create a “self sufficient” football club.
Over the last few months, it has signed a Memorandum of Understanding with Darlington RFC and have been in discussions regarding its move to Darlington premises and facility sharing arrangements which can now be “stirred on” by the investment.
It will also use the funding to reduce the debts created when it was bought out from administrators in May 2012.