FORMER Shakers co-chairman John Smith claims new chief Albert Doweck has arrived at Gigg Lane in the nick of time to save Bury FC from another financial disaster.

The former Carlisle United chairman took over the hotseat at the Division Three outfit yesterday, boosting hopes of a cash injection that could spell an end to years of financial crises at the club.

And Smith admits his timing could not have been better, with manager Andy Preece desperate to rebuild his squad after a summer of wage slashing and the club still facing a gloomy future after last year's spell in administration.

"He is what we have been looking for all this time," said Smith.

"The longer the situation went on, the more and more concerned I got about it. This season was going to be a real struggle to survive. We had lost a lot of players and not been able to sign anyone. Now it looks like we will be able to sign a few."

The question on most fans' lips will be how much cash will the club's new saviour splash on new signings to build a serious promotion challenge?

"I don't know exactly what he intends to do or exactly how much money he will make available, but it has to be better than the situation we were in," said Smith.

"The man's been a prominent businessman for a long time, so he has some sort of money behind him. It's definitely a step forward.

"So I'm highly delighted and now I'm quite happy to step aside, but I willcontinue to support the club in whatever way I can."

That support will come from his new role as the club's honorary vice-president, while fellow co-chairman Fred Mason also steps down to become president.

Doweck made his fortune through his Manchester textile business, being based in Bury for part of his career, and promised to throw his full weight behind Shakers' bid for a return to Division Two.

"Bury Football Club is a club with great tradition and that is what football is all about," he said.

"It's a grass roots football club and I know just what a hard job this will be. I intend to put all my endeavours behind the football club and look forward to the start of the season. I am delighted to be here."

The final details of the takeover will be ratified at the shareholders' Annual General Meeting on July 24.