A flamboyant multi-millionaire former football club chairman has agreed not to hold a directorship for eight years, it was announced today.

Action was taken against George Reynolds, who ran Darlington Football Club, after his chipboard and worktops company failed with debts estimated at about £3.4 million.

The 68-year-old, of Monument Court, Nevilles Cross, Durham, agreed to abide by an undertaking last month which prevents him from being a director of a company or being ''directly or indirectly'' involved in ''promotion, formation or management'' of a company.

The undertaking was made in relation to his conduct as a director of George Reynolds UK Limited, which operated from Shildon, County Durham, and went into compulsory liquidation in February 2003.

Fellow company directors John Metcalf, 40, of Front Street, Kirk Merrington; Richard Tennick, 58, of Bowling Green Lane, Manfield, Darlington; David Powles, 57, of Adelaide Bank, Shildon; and Mark Hayton, 39, of Rectory Gardens, Low Willington, all County Durham, also agreed not to hold a directorship for four years.

Mr Reynolds, who spent half of his childhood in an orphanage and became one of Britain's richest men, bought Darlington FC in 1999 and spent millions attempting to transform The Quakers' fortunes.

The Sunderland-born businessman, formerly of Witton Hall, Witton-le-Wear, quit as chairman in January 2004 when Darlington went into administration.

He has previously claimed to have invested £27 million of his money into the football club and had got just £150,000 back when he left.

Mr Reynolds oversaw the club move from its Feethams Ground to the £20m all-seater Reynolds Arena on the outskirts of the market town. The ground has since been renamed the Williamson Motors Stadium and the Sterling Consortium has taken over the club after it was threatened with liquidation.

:: Mr Reynolds, along with his cousin Mr Tennick and 43-year-old personal assistant Ian Robinson, are awaiting crown court trial on charges of conspiracy to launder money.

Mr Reynolds also faces further charges of evasion of a liability, attempted evasion of a liability and another charge of money laundering under the Proceeds of Crime Act.

The charges were brought after £500,000 in cash was recovered from a car in County Durham in June.