Former England coach Sven-Goran Eriksson has been confirmed as Manchester City manager.
Eriksson left his England post after last summer's World Cup
The 59-year-old has signed a three-year deal worth a reported £9m - and is set to be given a £50m transfer kitty.
The appointment was triggered by former Thai prime minister Thaksin Shinawatra's unconditional acquisition of the Premier League club.
"I'm delighted and honoured to be City manager. It's an exciting challenge," the Swede told the club website.
He added: "I've already started making preparations for the new season. I want to deliver a team that our fantastic fans can be proud of."
It is believed Tord Grip will again be the Swede's right-hand man and an announcement will be made on Monday.
Grip was Eriksson's number two during the former Lazio, Sampdoria and Benfica's six-year tenure as England manager.
But Roland Anderson, Sweden's assistant manager, will not join Eriksson's backroom team despite being sounded out last month.
Eriksson has succeeded Stuart Pearce, who was sacked at the end of last season.
The Swede, who met the City players and took a training session on Wednesday, has been out of football since leaving the England job after the 2006 World Cup.
The club's chief executive, Alistair Mackintosh, said: "I'm delighted that Sven has agreed to join the club as we move into an exciting new era.
"His vast experience of managing top clubs to success around Europe is one of the qualities that attracted us to him.
"He also knows the Premier League inside out during his time as national team manager."
Eriksson said the chance to work in the Premier League helped him decide to take the reins at Eastlands.
It would be better to have more time but cannot do anything about that. I am sure we'll have a very good squad when the season starts
"There are two main reasons why I took this job," he explained. "One is that City is a big, big football club.
"Another is the Premier League. I think it is the best league in the world and if you have the opportunity to work in this league you should take it.
"I have and I am very happy. I am looking forward to an exciting season.
"I couldn't care less if I was second, third of fourth choice to be City manager, I am here and the job is mine."
Despite coming in for heavy criticism during his time as England boss, Eriksson feels he has nothing to prove at City and is certain he can be a big success.
"Did I really do so bad with England?" Eriksson asked.
"I am not here to talk about England or the FA but about the future. My job as England manager is history.
"I would never have accepted this job if I thought I couldn't do a good job here. I am sure that in the future we will see City higher up the table."
And the Swede also reassured City fans his team will be ready when the new Premier League season starts on 11 August.
The target is to be up there. We will be competitive
"It would be better to have more time but cannot do anything about that," he said. "I am sure we'll have a very good squad when the season starts.
"I can promise you will see new faces in the team when it does.
"A lot of players around the world would like to play for City as they know this club will get bigger.
"The current squad is good. One thing I think is very, very good is that we have six players from the academy in the squad.
"That's important, That's something to build on for the future."
Eriksson was reluctant to reveal his goals for next season but is convinced City are full of potential.
"I have only just signed a contract, it is too early to discuss that. Lets see what we can do in the transfer market and then we will talk about targets," he stated.
"But the target is to be up there. We will be competitive."