The club went into administration on Tuesday with debts of more than £200,000.

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Their problems kicked in after a money-spinning scheme to build homes on land they own next to the main pitch at their Throstle Nest ground was scuppered by city councillors last year.

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But now it has emerged that proposals have been drawn up for an alternative housing scheme that could throw the club a cash lifeline.

Farsley and Leeds-based developer Chartford Homes have submitted an application to the council for planning permission for 14 new houses at Throstle Nest.

They would be built on the club-owned former cricket pitch which lies behind the site's main stand.

Farsley officials say the money generated by the scheme would be enough to clear their debts.

Celtic spokesman Philip Morris said today: "If things go as we are hoping then our future should be a lot more secure."

One reason why Farsley believe their new plans could succeed where the old ones failed is the reduced number of properties involved.

Their original proposals – drawn up in conjunction with Newcastle-based Bellway Homes – made provision for 26 houses and 31 flats.

Councillors cited a number of concerns when they rejected the club's planning application in February last year, despite a recommendation from officers that it be approved.

They included the use of land designated as greenfield and an alleged under-provision of "affordable" housing.

The Chartford scheme includes plans for a new two-storey clubhouse at Throstle Nest as well as extra playing pitches and car parking.

A spokeswoman for Leeds City Council said the planning application was due to be considered by the end of September.

Its fate isn't the only issue concerning Farsley at the moment, however.

As revealed on Farsley Today, the Conference league has told Celtic they cannot take their place in its North division next season because of their cash flow woes.

Farsley are planning an appeal to the Football Association against the decision.

The club has set up a fighting fund – tagged '101, Still Going Strong' in reference to their age – to raise money to pay for the appeal.