The new chairman of Brighton and Hove Albion has reassured fans there will not be another “Bill Archer” incident following his takeover of the club.

Multi-millionaire property tycoon Tony Bloom took over the club on Monday and promised to pump more than £80 million into the club to finance the new Falmer stadium.

Mr Bloom moved to allay fears of fans worried the club is moving back to the dark days of one man having a majority stake.

He said: “When that stadium is actually built, the club's understandable concerns given what happened under Bill Archer, they all go.

“The holding group, where all the shares are held, own 100% of the community stadium and the football club.

“It's effectively one thing, but it's good practice to have those two entities as separate and hence we've done it that way.”

On Monday life-long Albion fan Bloom assumed the role of chairman after he converted £18 million worth of loans to the club into shares taking his holding to 75%.

He also pledged another £80 million to the club as unsecured interest-free loans repayable in 2023 with an option to convert them into further shares.

He said: “When a convertible loan is issued there needs to be a returnable date. At that time I could then get some of the money back, obviously it's not all going to be coming back, or that date can be increased by another 20 years.

“At any point in the next 14 years I can convert it to shares so we shouldn't read anything into the 2023.”

If the new chairman decided to do so he would own more than 90% of the club.

He added: “Who knows where the club is then (2023) and what the financial state of the club is.

“There's no security on the money. That's the key thing the supporters need to know. The money is going to the stadium.

“Whatever happens to me, whatever happens to the playing side of the football club, whatever the finances of the club, the club will always exist because we have a stadium at Falmer.”

The credit crunch and banks' reluctance to give credit has meant Bloom has had to step in from the sidelines.

He said: “It was always known from a few years ago that I would be putting in a substantial amount of money, between myself and the directors, and for obvious reasons we kept that confidential.

“With the credit crunch, our hopes of bank funding took a bit of a dive. I think it's not a surprise for a League One football club that most of us believe that we are going to be a lot than that in the future.

“But banks don't think emotionally like we do, and particularly with the credit crunch when they were tightening all their lending anyway, a football club, bottom of League One was not their priority.”