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Everton have announced the appointment of Ronald Koeman as their new manager.
Koeman had been in talks with Southampton outfit about extending his three-year deal on the south coast after leading the club to a sixth place finish and Europa League qualification last season, but when the talks stalled Everton moved to speak to the Dutchman.
The two clubs agreed a compensation package for Koeman's services, believed to be in the region of £5m, and following discussions the former Dutch international defender has signed a three-year deal to take over at Goodison Park.
"I am very excited to be Everton manager. I believe in the Club, in the team, in the fans and in our ability to achieve things in the future," Koeman told the club's official website.
“Everton is a club with a great history and real ambition and it is a proud feeling for me to be part of what we want to go and do, together with the Chairman and Farhad Moshiri.
“I am looking forward to meeting everyone at the Club and to preparing for a big season in the Premier League.”
Koeman's backroom staff has yet to be confirmed but it is believed he will be joined at Everton by assistant manager Erwin Koeman and first-team coach Jan Kluitenberg.
Chairman Bill Kenwright commented: "We are really pleased to have secured the man who was our No.1 target from the moment we set out to appoint a new manager.
"Ronald has such a strong track record in the game, instantly commanding respect for what he achieved as a player and for his qualities and accomplishments as a manager.
"The hopes and aspirations that we all have as Evertonians are with him, as is our total support at Board, shareholder and fan level."
Koeman succeeds Roberto Martinez who was sacked after a disappointing season, which ended with Everton finishing 11th in the Premier League.
"Southampton Football Club can today confirm it has accepted the resignation of First Team Manager Ronald Koeman, and completed negotiations with Everton over his move to Goodison Park," a statement read.
"The search has already begun for the right appointment who can take the club to the next level and build on our track record of recent success, which culminated in a sixth-place finish in last season’s Premier League, as well as qualification for the group stages of the Europa League.
"Our focus now is to build on our long-term plan, and work with a new management team who share both the club’s and our supporters’ values and ambitions."