Manchester United, the world's second most valuable soccer club, has appointed David Moyes as the club's manager, following the retirement of Alex Ferguson.
Moyes, the manager of Everton, another U.K. football club that plays in the top division known as the Premier League will start on July 1 and is committed to a six-year deal, Manchester United said in a statement.
"When we discussed the candidates that we felt had the right attributes we unanimously agreed on David Moyes. David is a man of great integrity with a strong work ethic. I've admired his work for a long time and approached him as far back as 1998 to discuss the position of Assistant Manager here," Ferguson said in a statement.
Ferguson, the most successful soccer manager in history, announced his retirement on Wednesday, sparking a 2 percent drop in Manchester United's NYSE-listed shares.
Moyes has a reputation for being astute in the transfer market and using statistics to improve his team's performance. Many commentators have heaped praise over his "Moneyball" tactics, even though he has not won a single trophy while at Everton.
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The term "Moneyball" was originally coined for the successful strategy adopted by the baseball team, the Oakland Athletics. It also became the subject of a book and a Hollywood film by the same name. It refers to the use of player statistics in hiring the best talent without paying over inflated wages.
Moyes' successful transfer deals include Wayne Rooney, who was sold to Manchester United for 25.6 million pounds ($39.18 million) and Mikel Arteta, a resounding success over the last six years, who was sold to Arsenal for 10 million pounds ($15.3 million), after originally signing for 2 million pounds.
According to data by audit firm Deloitte, Everton's annual spend on player wages is close to 50 million pounds, the tenth highest in the Premier League. Despite that the team has regularly finished above eighth place in the league. Manchester United, meanwhile, spend close to 150 million pounds on players' wages, according to Deloitte.
"Of course there is always volatility if any CEO or big manager of a big company steps down," Ramon Vega, founder of Vega Swiss Asset Management and an ex-Premier League player told CNBC.
"Alex Ferguson created a model of how modern football should be managed as a business," Vega said. Ferguson was equally shrewd in the transfer market and never overpaid, Vega said. Despite having a much larger budget than Moyes, Ferguson was quick to let players leave if they handed in transfer requests.
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"Going forward that philosophy will stay at Manchester United," he said.
—By CNBC.com's Matt Clinch; Follow him on Twitter