Brighton have announced they have secured full funding for their new stadium.
Local businessman Tony Bloom is providing the majority of the £93.1million needed to complete the construction at Falmer through an interest-free loan.
Bloom, who made his fortune in property, finance and sports betting, currently owns a 75% shareholding in the club and will now take over as chairman, replacing Dick Knight who will become life president.
"This is the natural progression for the football club," Knight told his club's official website. "Tony's investment will mean no need for external funding, which is absolutely superb news for the club and its fans.
"Thanks to Tony's support the club is now financially secure, the stadium is on its way, and the club now as the opportunity to reach its true potential."
Bloom was also quick to pay tribute to Knight, who has overseen the club's fortunes for the last 12 years, adding: "Nobody should be in any doubt that that saved the club from almost certain extinction at a time when no-one else was willing to come forward."
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