Dutchman Ronald Koeman became the new manager of English Premier League club Everton on Tuesday after his previous club Southampton reluctantly agreed to release him a year early from his contract.

The 53-year-old — who guided Southampton to their highest finish in the Premier League of sixth last term — signed a three-year contract with Everton and replaces Roberto Martinez, who was sacked just before the end of the Premier League campaign.

Koeman — who had said earlier this year he would see out the last year of his contract with the Saints — has been lured to Everton by the promise by Everton supremo, Iranian billionaire Farhad Moshiri, of more than £100 million (125 million euros, $141 million) for new signings.