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

George Houghton, 65, announced he had bought the club for an undisclosed sum, and will take over as chairman from 3pm today, when the Quakers kick-off at home to 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 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 readily admitted to having little interest in football - have been in negotiations over the sale of the club for a considerable time.

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

The announcement ends weeks of speculation over the future ownership of Darlington.

Mr Houghton also confirmed Mr Hodgson's job was safe and said he intended to stay out of the football side of the club.

The new chairman will be at the 96.6 TFM Darlington Arena for today's game, where his grandsons will be mascots, and will meet fans after the match in the Corner Bar.

Speaking after yesterday's deal was agreed, Mr Houghton, who lives in Ponteland, Northumberland, said he saw it 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.

"I have great plans and have got great ideas, and 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 Mr Hodgson's job might be under threat once the club changed hands, Mr Houghton last night reassured fans that was not the case.

Calling him "a great manager", Mr Houghton said: "He can stay on as far as I am concerned.

"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."

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 said: "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 members 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."