Darlington Football Club's new owner was last night revealed to be a millionaire North-East property developer.

George Houghton, 65, announced that he had bought the club for an undisclosed sum, and will take over as chairman from 3pm today, when Darlington kick-off at home against Carlisle United.

Former chairman Stewart Davies will stay at the club until the end of the season as an advisor to Mr Houghton.

Last night, the news was greeted by team manager David Hodgson, and by supporters, as "the start of a new chapter".

Mr Houghton revealed he and "accidental chairman" Mr Davies - whose Sterling Consortium rescued the club from administration after George Reynolds left in 2003, and who readily admits to having little interest in football - have been in negotiations about the sale of the club for some time.

It is understood Mr Davies met four or five potential buyers during the negotiations.

The announcement ends weeks of speculation about the future ownership of Darlington FC, which Mr Davies has helped to transform into a fan-friendly professionally-run business.

Mr Houghton also confirmed that Mr Hodgson's job was safe.

The new chairman will be at the TFM Darlington Arena for today's game - where his two grandsons will be mascots - and will meet fans for the first time after the match in the Corner Bar. He hailed the stadium as one of the best he had seen.

Speaking after yesterday's deal was agreed, Mr Houghton said he saw this as the perfect point in the season to take over.

"This is fantastic timing, I can then meet all the players, management and the fans - the timing is spot on," he said.

"It is appropriate it is before the season finishes, and then next season start with a clean slate. I have great plans and ideas, and I am hoping to be able to cater for the fans and what they want.

"My intention is to win."

Although speculation has been rife that manager Mr Hodgson's job may have been under threat once the club changed hands, Mr Houghton last night assured fans that was not the case.

He said: "I will not get involved in any management of the football side whatsoever - they are the professionals.

"In any business, it is important you employ people who do the job properly."

Outgoing chairman Mr Davies said he had enjoyed his time as chairman.

"As all Darlington fans know, I was always the accidental chairman, having had no background or interest in football," he said.

"Now the club has the services of somebody who has also made a real success in business, but has a genuine interest in the game of football too.

"George Houghton is local, dedicated to the game and wants to make a success of the club."

Mr Hodgson told The Northern Echo: "Stewart Davies said to me if he ever sold the football club he would only sell it to somebody who is at least on a level with his own financial capabilities," he said.

"Stewart felt the club would be left in the best hands with George. The only thing that matters in all of this is Darlington Football Club."

A spokesman for Darlington Supporters' Trust said they were looking forward to meeting Mr Houghton. He said: "Darlington FC has taken many positive steps forward since the dark days of two years ago, and we hope all fans will get behind the club as it starts a new chapter."