Brighton and Hove Albion Football Club (BHAFC) has announced that it has secured full funding for a new £93m stadium project at Falmer, East Sussex, after Tony Bloom took over as club chair.

Bloom will fund the majority of the £93m development after replacing previous chair Dick Knight, who has stepped down after 12 years in the position to become the club's new life president. The scheme includes a 22,500-seat stadium, which has been designed by London-based KSS Architects, and will also be funded using a number of grants that have been made available to the club.

Buckingham Group Construction has already started work on the venue after amended plans were approved by Brighton and Hove City Council in February. It is expected that the stadium will be completed in time for the 2011-12 season. Bloom said: "I would like to pay tribute to Dick. Nobody should be in any doubt that he saved the club from almost certain extinction at a time when no-one else was willing to come forward, and under his leadership we have had some very memorable times including our successful nine-year battle to secure the go-ahead for Falmer."