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I think there's something on it in "We want Falmer". Can't be certain. I do seem to remember in the seasons following Dick Knight's takeover, people were genuinely surprised to discover that Archer was still a shareholder. Not sure which year he finally relinquished his shares.

Wasn't it also the case that if Archer had got a sniff of TB being in the wings then he would have made it harder for the board to get shot of him, hence he was the silent benefactor for some time.