Cerberus, which also took on debts of £180m, brought in Bill Grimsey, former chief executive of Wickes.
"When we came in, staff morale had been wiped out and the shelves had no stock because suppliers thought it was going bust.
The club had been based there for over ninety years until the board of directors decided to sell the stadium.
The sale, implemented by Archer as majority shareholder and his chief executive David Bellotti, provoked widespread protests against the board.
The club itself received minimal payment from this sale, and was left without a ground to play in.