Everton have confirmed the appointment of Ronald Koeman as their manager, with the Dutch coach signing a three-year deal to succeed Roberto Martínez at Goodison Park.

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The former Southampton manager was identified as the prime candidate for the Everton vacancy by the club’s major shareholder, Farhad Moshiri, who took the decision to end Martínez’s three-year tenure before the end of last season.

Moshiri lured the former Ajax, Valencia and Benfica coach north with a lucrative salary, understood to be £6m-a-year, and the promise of the biggest transfer budget in Everton’s history. The deal was agreed in principle last week after Everton met Southampton’s £5m compensation demands for Koeman, the assistant manager Erwin Koeman and coach Jan Kluitenberg. However, it was only ratified upon the 53-year-old’s return from holiday this week.

Koeman said: “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. 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.”

Everton (@Everton) OFFICIAL: More on the appointment of @RonaldKoeman - https://t.co/3bG9Wh1BHw #WelcomeRonald pic.twitter.com/VaKG3ZHiPm

Everton also considered Frank de Boer, Manuel Pellegrini and Unai Emery but Koeman was always the first choice, with Moshiri aiming to revive the club’s fortunes and relocate to a new stadium.

The chairman, Bill Kenwright, added: “We are really pleased to have secured the man who was our number one 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.”