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Manchester City has announced the appointment of Manuel Pellegrini as its new manager, signing him to a three-year deal as replacement for Roberto Mancini.
Pellegrini, who stepped down from his position as Malaga coach at the end of last season, will start taking on his new role with the Premier League on June 24.
The announcement debunked reports that City had delayed Pellegrini's appointment to avoid paying Malaga £3.2million ($5,025,280).
"I am delighted to accept this hugely exciting opportunity. The club has a clear vision for success both on and off the pitch and I am committed to making a significant contribution," Pellegrini said in a statement.
"Everything is in place for Manchester City to continue to be successful and I am excited to be able to work with such a talented squad, the Executive team and the Board to deliver for fans who are renowned for their steadfast support," he added.
City chairman Khaldoon Al Mubarak said Pellegrini "is a hugely experienced and successful manager with a proven track record".
"We have been greatly impressed throughout the selection process by his philosophy, his attitude and his commitment to the long term development of Manchester City. I am delighted that he has joined us," Al Mubarak added.
Pellegrini has more than 25 years of managerial experience under his belt, taking the reins of Chilean team such as Universidad Chile, Palestino, O'Higgins.
He also had managerial jobs with Universidad Catoilica, San Lorenzo and River Plate of Argentina as well as Villarreal, Real Madrid and Malaga in Spain.
Pellegrini's stock as he guided Villarreal to the Champions League semifinals in 2006, before landing the job at Madrid in 2009.