The former Scotland international was ruled to be a rapist in a civil court case in 2017, although no criminal proceedings were instructed.

In a statement, the club said: "We got it wrong.

"In reaching our original decision, we focused far too much on football matters and not enough on what this decision would mean for our club and the community as a whole.

"Over the past couple of days, we listened carefully to the fans who have got in touch and I'm very grateful for their honesty. As chairman, as a board and as a management team, we have all learned a hard but valuable lesson."

The board added that this "very unfortunate episode is something that we all bitterly regret" and we are "now wholly committed to making things right".

Raith Rovers will now "enter into discussions with the player regarding his contractual position".

The move comes after both supporters and non-supporters of the club vented their anger at the signing, with Scotland's First Minister Nicola Sturgeon saying Raith Rovers should reverse the decision.

Ms Sturgeon said: "I would hope Raith Rovers would reflect very carefully on the groundswell of opinion that has been expressed over the past 24 hours from all walks of life, but most particularly from their own fan base, and perhaps think again about this decision."

'Just the first step on a long road back'

Scottish crime writer Val McDermid, a high profile supporter of the club, announced she would no longer support the side and was "tearing up her season ticket" after the transfer was confirmed.

The author was the Raith Rovers shirt sponsor in 2014, and in 2010 the North Stand at Starks Park was renamed the McDermid Stand in honour of her father, who was a scout for the Kirkcaldy club.

Responding to the club's apology, McDermid said those who made the decision "are still in charge" when instead "those who love and value the club" should be "on the inside".

She tweeted: "I welcome this (unsigned) statement from Raith Rovers. It's a victory of sorts for the hundreds of people who MAKE the club who were appalled at the board's original decision and who were not afraid to speak out.

"But it's just the first step on a long road back.

"The same people who made the decision are still in charge. Those who love and value the club are still on the outside; they need to be on the inside, shaping the future for the community."

McDermid had earlier said Goodwillie had "never expressed a shred of remorse for the rape he committed" and the move to sign him was a "stain on the club".

Commenting on the news, former Raith Rovers chairman Bill Clark said: "I'm pleased that the decision has been overturned. It doesn't feel like any kind of a victory or anything like that. I'm sorry it has taken them four days to overturn the decision.

"It's sad because it was made clear at the board meeting on Monday morning what kind of reaction there would be from the supporters and from the community and that's been proved right. So on behalf of them I'm pleased that this has happened this way."

He said it was "too little too late" and added: "I think it is going to take a long time to rebuild the reputation of the club."

It came as Raith Women's captain Tyler Rattray announced she would be leaving the side due to the signing of the striker.

Writing on Twitter, she said: "After 10 long years playing for Raith, it's gutting I have given up now because they have signed someone like this and I want nothing to do with it! It was good being captain of Raith while it lasted."

Raith Rovers' supporters' liaison officer, Margie Robertson, also resigned.

Goodwillie joined Raith Rovers on a two-and-a-half-year deal from Clyde on transfer deadline day.

The 32-year-old was ordered to pay £100,000 in damages by a judge after it was ruled he raped a woman in a flat in West Lothian in 2011.

The Crown had previously decided not to prosecute Goodwillie due to insufficient evidence.

The striker, who has three Scotland caps, is currently the top scorer in the SPFL, having netted 15 times for Clyde so far this season.

He previously played for clubs including Dundee United, Blackburn Rovers and Aberdeen.