Sydney FC have put their faith in a tried and trusted figure, appointing Graham Arnold as their new coach.

"We wanted someone to identify the best young talent" said the Sydney FC chairman, Scott Barlow, at a press conference to confirm Arnold's appointment. “Graham is one of the A-League’s most successful coaches and has a proven track record of producing high quality, winning football teams."

Arnold spoke of his pride at coaching his hometown club. “I am extremely excited to be here. It has always been my dream as a Sydney boy to coach Sydney FC, in my view the biggest club in the country,” said Arnold. “It’s a fantastic opportunity and I’m looking forward to working with the players and coaching Sydney FC to consistent domestic success and Asian Champions League qualification.”

Arnold led Central Coast Mariners to the A-League title in 2012-13 and also acted as Australia’s caretaker manager, leading the Socceroos to the quarter-finals of the 2007 Asian Cup. He will replace Frank Farina, who was sacked after Sydney FC were beaten in the A-League elimination finals.

Arnold has work to do. Despite pulling in the second-largest average attendance in the A-League, the Sky Blues have been overshadowed by their cross-city rivals, Western Sydney Wanderers, who have reached the last two grand finals. Sydney FC also parted ways with their biggest draw, Alessandro Del Piero, and several other players are currently out of contract.

Arnold is rumoured to have $2m to spend on rebuilding Sydney's squad, although he said he would not rush into new signings. "We need to take our time to get the right impact on our next marquee signing," he said on Thursday.

Barlow also emphasised Sydney's desire to build slowly. "Patience and long term planning is key and we believe Graham Arnold is the right man for the job," he said.