Former England manager Sven-Goran Eriksson has signed a deal said to be worth US$6 million a year to take over at Chinese Super League side Shanghai East Asia, the club announced at a press conference in the city today.
The move is part of major changes at the club, which finished 5th in the CSL last season. Founder Xu Genbao has sold the club to the state-owned port Shanghai Shanggang Group, who also announced a new name of Shanghai SIPG for the coming season.
It has also been widely reported that the new owners will make a fund of RMB500 million available to Sven to get the club into the Asian Champions League and turn them into title contenders. Watch this space to see who they bring in.
The 66-year-old Swede left his position as manager of Guangzhou R&F by mutual agreement last week after taking the team to third in the CSL. Eriksson joined Guangzhou in June last year on an 18-month contract which reports in China and Europe said was worth up to US$3 million a year.
Especially good news for That's readers is that columnist Ian Walker is staying on as goalkeeper coach. You can read his thoughts on Sven's move to Shanghai right here.
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