Wolves appoint Gary O’Neil as their new boss less than 24 hours after Julen Lopetegui’s shock departure, just days before the start of the new Premier League season

Wolves have moved quickly to appoint Gary O’Neil as their new manager following the shock departure of Julen Lopetegui – with the new Premier League season just days away.

O’Neil, 40, led Bournemouth to comfortable survival last season after replacing Scott Parker early in the season but – to the surprise of many – was transferred in June in favor of Spanish coach Andoni Iraola.

And now O’Neill is back in charge of a Premier League club, although he has just five days to prepare his team for the game against Manchester United at Old Trafford.

His swift appointment comes after Lopetegui left the club on Tuesday night after his relationship with the board deteriorated over transfer policy disagreements.

The Spaniard still had two years left on a lucrative contract that made him the highest paid manager in the club’s history. Lopetegui kept Wolves afloat last season after joining when they were bottom of the table in November.

Julen Loptegui left Wolves on Tuesday evening after consultation with the club

In preparation for the possible departure of Lopetegui, Wolves had been considering possible successors for some time and O’Neil was at the top of the list.

Wolves would not have to pay a fee for O’Neil and he would cost considerably less than Lopetegui, the highest paid manager in the club’s history.

O’Neil cemented his reputation by comfortably keeping Bournemouth in the top flight last season, having taken over from Scott Parker early in the season.

He was replaced by Iraola, but his stock remained high at a number of Premier League clubs.

Wolves chairman Jeff Shi wrote an open letter on the club website last week, explaining that Financial Fair Play requirements must be met.

Shi wrote: ‘As the owners and management of the club, one important thing we need to learn and follow is the Premier League’s rules on profit and sustainability (previously called Financial Fair Play or FFP for short).

“Before the end of the 2023-2024 season there will be an annual test and we will make sure we succeed, as we have done in the past five seasons.”

O’Neil was moved to Bournemouth despite a strong season leading the Cherries

Wolves chief Jeff Shi wrote an open letter explaining that the club must comply with FFP regulations

To achieve that goal, Wolves have recouped £91 million in player sales this summer, including the £47 million departure of captain Ruben Neves to Saudi Pro League club Al-Hilal.

They only added defender Matt Doherty and goalkeeper Tom King on free transfers, which led to Lopetegui’s anger.

Wolves counter that they heavily backed Lopetegui last January by approving deals of up to £77m after also paying more than £120m in fees 12 months ago.