Millionaire businessman Gordon Gibb today pledged to become Bradford City's "greatest fan" when he takes over as chairman later this week.

Mr Gibb, boss of the Flamingoland Theme Park in North Yorkshire, will - at 26 - become the youngest chairman in the Football League.

He will be joined in the boardroom by 33-year-old co-owner Julian Rhodes, who is expected to be confirmed as City's new chief executive.

Today the pair promised to bring a "youthful vitality" and financial stability to Valley Parade when they take over from outgoing chairman Geoffrey Richmond, whose decision to quit was yesterday exclusively revealed by the Telegraph & Argus.

The new line-up is expected to be in place by Friday, following the completion of negotiations between the parties and a deal being finalised with the Professional Footballers' Association.

The Football League yesterday confirmed that the club would be able to compete in Division One for the new season, provided the loose ends are tied-up by 4pm on Friday.

But the prospective new owners immediately warned fans not to expect miracles, and said the club's goal was to achieve stability.

"All of my attention is going to be focused on making this football club financially viable," said Mr Gibb, who said he would split his time equally between City and Flamingoland. "Hopefully myself and the Rhodes family will bring to Bradford City financial security and commercial viability in the short to medium term.

"We hope to get back to a position where we can consider big acquisitions again, but at the moment it is going to be a tight and efficient ship. I am sure the Bradford City fans would understand and give their support to a conservative spending plan rather than another administration situation."

Mr Gibb, who was last year linked with a bid to buy York City Football Club, said fans should be in no doubt that he is dedicated to the club.

"I think I have demonstrated my commitment already in the size of the offer that I have made," he said.

It is understood the takeover deal would see Mr Richmond's financial involvement with City come to an end.

The Rhodes family will remain heavily involved, with Julian taking over from his father David as the principal director.

Mr Gibb and Julian Rhodes will become co-owners, despite first meeting only three weeks ago.

Mr Rhodes told the T&A: "We only thrashed out details of the deal over the weekend when it all came to a head and myself and Gordon decided that we could work together."

Both men paid tribute to outgoing chairman Geoffrey Richmond. As exclusively revealed in later editions of yesterday's T&A, he has decided to stand down after claiming his presence had caused divisions among supporters.

Mr Gibb said, "I think history will be very kind to Geoffrey," and Mr Rhodes paid tribute to his "phenomenal" role in helping to rescue the club.

Mr Richmond today said he was relieved the Football League had given its approval to City's application to return to the league.

"I am absolutely delighted at the outcome of the meeting," he said. "It really was a major hurdle to get past and, subject to the negotiations being concluded over the next few days, the future of the club is absolutely secure."

Professor David Rhodes, who is expected to remain as a director, said the club was "getting very near the end" of its painful summer.