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Rochdale need new investment by the end of March otherwise the National League club could face the prospect of liquidation, chairman Simon Gauge has warned.

Dale were relegated from the EFL last season after 102 years but have faced major financial problems.

Gauge has put in £566,000 in the past few months to keep Dale going, but has reached his credit limit.

They now need an investor to put in £2m to gain 90% of the club.

Rochdale are 12th in the National League and 10 points off the play-off places after four successive defeats.

Dale became a fan-owned club in August 2022, but have had to undertake serious cost-cutting measures this season after dropping out of the EFL.

An to try to agree to proposals, including the creation of nine million new shares, which would change the conditions for investment in the club.

In , Gauge, who has been involved with Rochdale since June 2021, described the club as "asset-rich and cash-poor" and that he and his family can put no further money into the club to keep it going.

He said that he had been trying to secure extra investment over the past 14 months but without success.

However, the chairman has made it clear that the 117-year history of the club is at stake in the coming weeks.

"This resolution needs to be passed at the EGM for us to have any chance of securing the required investment that will ensure the long-term future of our club," he said.

"If it isn't passed, the threat of liquidation at the end of March is very real. The passing of this resolution does not guarantee saving the club, but it will certainly give it a fighting chance.

"To be clear, the existence of Rochdale AFC is at stake. The opportunity to give a long-term future is now in the shareholders' hands."