Vanâ€™t Schip, Melbourne Heart FCâ€™s inaugural coach from 2009 to 2012, re-joined the club in an interim capacity in January after the sacking of John Aloisi. He will preside over the team in arguably its most exciting development period in a deal that will see him through to the 2016-2017 season.
Van't Schip was pleased to settle his future after warming to the idea of working under the new owners.
"Everybody was excited about it and still is," the 50 year-old said.
"It's massive for the club and for Australian football in general.
"The biggest reason (I left) was the growth of the club was difficult, there was not really a next step.
"But with the new owners coming in that's all different.
The club's makeover will include a complete review from top to bottom - from players and staff right through to team colours and name and the potential for investment in a new training base.
Melbourne Heart Chief Executive Scott Munn said Vanâ€™t Schip had demonstrated his suitability for the role by resurrecting the teamâ€™s fortunes during the past 11 rounds.
When he took over from Aloisi, Heart was without a win and languishing in last-place on the A-League ladder. In the 11 matches since, it has won six, drawn two and lost two. If it wins its last four matches it could seal an unlikely finals berth.
'John has not only secured great results and helped the team build on our philosophy of playing attractive football, but he has illustrated that he has the ability and desire to take the club forward next season,"Â Munn said.
When Heart was purchased by a Manchester City-led consortium, speculation was rife sweeping changes at the club would start from its development academy and end with the head coach.
Ferran Soriano, Chief Executive Officer of Manchester City threw his support behind Van't Schip.
'We are very happy that John vanâ€™t Schip will remain coach of Melbourne Heart FC," he said. "Playing good football is at the centre of our plans for the future of the club and John has already demonstrated his ability to help us achieve that ambition."Â
Brian Marwood, Managing Director of the City Football Academy, who has worked closely with Vanâ€™t Schip since the acquisition of the club in January 2014, also welcomed the appointment.
'John is a very experienced coach,"Â Marwood said. 'He has a clear philosophy of how the game should be played and it is one which dovetails well with what we are seeking to implement at Manchester City."Â
Vanâ€™t Schip acknowledged the importance of finishing the 2013-2014 season strongly.
'Iâ€™m delighted to have been appointed coach,"Â he said. 'The club is well positioned for the future and I am excited to be working with Brian and [Manchester City Director of Football] Txiki Begiristain in the lead-up to 2014-15 season.
'My focus is to finish this season as strongly as possible, beginning with our next game against Central Coast Mariners this Sunday."Â