The Albion's reviled former chairman Bill Archer has finally agreed to sever his ties with the club.

Current chairman Dick Knight last night completed a deal to buy out his predecessor for just £1.

Mr Archer agreed terms to sell his shares for a nominal fee and write off loans totalling £700,000 made to the club.

The Argus revealed in February that Mr Knight had launched the buy-out bid backed by local investors, including DJ Fatboy Slim. It was thought Mr Archer was advised to sell his 49.5 per cent stake in the club to avoid adverse publicity while his Focus DIY chain prepares for a stock market flotation.

Mr Knight said the board wanted to acknowledge Mr Archer's "generous gesture", which amounted to a £700,000 gift, and wish him every success in the future.

The announcement brings to a close one of the darkest chapters in the Seagulls' history.

Mr Archer's background presence was a permanent reminder to fans of the sale of the Goldstone under his chairmanship, which left the club homeless.

Mr Knight and the present board pulled the club back from the brink of non-league football and celebrated an almost unprecedented two successive championships.

Now Mr Archer has cut his links with the club, the board, players and supporters will be looking towards the future with even greater optimism.

Mr Knight said: "I am pleased this matter has been settled. We can now move ahead with our financial restructuring.

"This is an important step towards Falmer."

The next targets for Mr Knight and his ambitious board will be finding a suitable successor to Peter Taylor as manager.