David Moyes has been appointed Everton’s new manager, almost 12 years after leaving Goodison Park for Manchester United.

The 61-year-old has signed a two-and-a-half-year contract to succeed Sean Dyche, who was sacked by the club’s new owners, The Friedkin Group (TFG), on Thursday having indicated to them he had taken the team as far as he could.

Moyes was TFG’s main target throughout and the deal was agreed following a productive round of talks on Friday. The new, and old, Everton manager said: “It’s great to be back. I enjoyed 11 wonderful and successful years at Everton and didn’t hesitate when I was offered the opportunity to rejoin this great club.

“I’m excited to be working with The Friedkin Group and I am looking forward to helping them rebuild the club. Now we need Goodison and all Evertonians to play their part in getting behind the players in this important season so we can move into our fabulous new stadium as a Premier League team.”

Moyes will lead Everton into their new stadium at Bramley-Moore dock next season but his first priority is to lead a team that is one point above the relegation zone to Premier League safety. He previously managed Everton for over 500 games between 2002 and 2013, guiding the club to four European campaigns and the 2009 FA Cup final. He has been out of work since leaving West Ham at the end of last season.

Everton’s executive chairman, Marc Watts, said: “We are pleased that David is joining us at this pivotal time in Everton’s history. With over a decade of experience at the club, he is the right leader to propel us through our final season at Goodison Park and into our new stadium. We look forward to working with David to build the foundation of a new era for Everton.”

Billy McKinlay, who worked with Moyes at West Ham, will be part of the new Everton manager’s backroom team. Further appointments will be announced in due course.