Leeds United haveconfirmed the appointment of Terry Venables as the club’s new manager in a statement to the Stock Exchange.

“Leeds United Plc announces the appointment of Terry Venables to the position of manager with immediate effect,” read the statement on Monday morning.

“He has signed an initial two-year contract. Terry Venables has almost unrivalled football management experience, including spells at Tottenham Hotspur, Barcelona, England and Australia.

“In making this announcement Leeds United would like to place on record their thanks to ITV for releasing Terry from his existing Premiership and Champions’ League contract.”

The former Spurs, Barcelona and England coach replaces David O’Leary, who was sacked 11 days ago.

Venables’, 59, emerged as a surprise candidate to replace O’Leary after Leeds initial target Martin O’Neill, indicated he would be honouring his contract with Celtic.