The Ambassador Theatre Group promised to restore the historic theatre to its former glory after finalising the deal yesterday.

And it has vowed to attract some of the most prestigious shows in London to Brighton.

The venue, which has been privately owned for 14 years, was bought by the group for an undisclosed sum.

The deal, which follows three months of secret negotiations, will be formally completed in June.

The new owners are planning to plough hundreds of thousands of pounds into the Grade II listed building.

The Surrey-based group owns some of the most famous theatres in Britain, including The Duke of York's and Ambassadors in the West End. It is also in negotiations to manage The Richmond Theatre.

Its production arm is responsible for shows including as The Rocky Horror Show, Smokey Joe's Cafe, The Weir and The Late Middle Classes.

Brook Land, whose father David bought the theatre in 1984, said: "The family deliberated a great deal about the future of this very special venue and we felt that ATG had all the necessary skills and management expertise to take it to the new millennium."

Rosemary Squire, the group's executive director, said: "The people of Brighton and Sussex can be reassured that we will preserve its history and continue to offer the very best in theatrical entertainment."

Excellent

Chris Barron, artistic director and chief executive of the Dome Theatre, hailed the news as "excellent for the town."

He added: "If anyone was going to take over then they are the ones I would hope for.

"They offer very commercial plays and some very serious pieces.

"It gives the theatre a much securer future, being attached to the number one theatre touring group, and will give it access to come really great shows."

A theatre was first built on the New Road site in 1807 and it was rebuilt and enlarged in 1866. In 1984 it fell into financial trouble and was bought for a reputed £750,000 by David Land.

Mr Land, who discovered Lord Lloyd Webber and Sir Tim Rice, restored its reputation as a major venue for pre-West End shows before dying in December 1995, aged 76. It has been run by Brook Land ever since.

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.