Ernesto Valverde has agreed to return for a second spell as Olympiakos coach following the dismissal of Ewald Lienen, who was sacked after just four games in charge.

Valverde has promised to build a “new Olympiakos” after signing a two-year deal to manage the Piraeus club again.

The Spaniard was presented to the media on Tuesday by the club’s new owner Vangelis Marinakis, who had previously stated his admiration for the former Espanyol manager, who led Olympiakos to a league and cup double in 2009.

“Together, we will build the new Olympiakos with work, work, work,” said Marinakis, who convinced Valverde to return to Greece after the pair met in Barcelona last Saturday.

The Basque coach had previously rejected an offer from previous owner Sokratis Kokkalis to come back to Olympiakos. Kokkalis and Valverde had fallen out at the end of the 2008-9 season as the then owner felt the Spaniard was trying to use the Reds as a stepping stone to a bigger job.

“I feel an obligation towards Olympiakos because of the way that they treated me when I was here,” said Valverde.

“I couldn’t keep saying “no” to them, so I have come to help build the new Olympiakos.”

The Spaniard is aware that he has to help revitalize a demoralized club as well as reshape a squad that has not been put together without any specific plan given that the Reds have had three managers since Valverde left in 2009.

“There is no magic wand,” warned the former Villareal coach. “We will have to be patient because there is a lot of work ahead of us.

“I see that there is a lack of belief in the players and the supporters but we need the fans’ support at this difficult time.”

Valverde said that he will continue to promote a more free-flowing style of football.

“I like to see my teams score goals,” he said. “I would like us to play a fast, attractive game that will entertain the fans. But let’s not forget that Olympiakos finished fifth last season and when you don’t win games you come to appreciate how difficult it is to get just a victory.”

Marinakis wrapped up the news conference by suggesting that he would be doing things differently to his predecessor Kokkalis by giving the manager full control over transfers and how the team plays.

“I want to make it clear to you that Ernesto will decide on all matters,” he told reporters. “We will support him in any way we can but I repeat that he will be the absolute boss of our footballing activities.”

The 46-year-old Spaniard, had an ill-fated stint with Villarreal in Spain, signed a one-year deal with the option to extend his stay for another season on Monday.
Despite enjoying a successful single season in charge, Valverde fell out with then owner Sokratis Kokkalis but remained popular with the club’s fans.

Kokkalis then embarked on a disastrous period of chopping and changing coaches with Temuri Ketsbaia, scout Bozidar Bandovic, former Brazil playmaker Zico and Bandovic again all managing the team before Lienen was appointed two months ago.

New owner Vangelis Marinakis was known to be unhappy with Kokkalis’s appointment of Lienen days before selling his stake in the club and the German’s failure to get the Reds into the Europa League play-offs prompted the shipping tycoon to dismiss him.

Following Thursday night’s shock elimination from the Europa League by Maccabi Tel Aviv, the board have decided to take swift action against the German trainer, who only arrived at the club from a position on the coaching staff of 1860 Munich in June.

Defeat against the Israeli outfit was not deemed good enough by the board, who released a statement on Friday afternoon indicating that after a meeting between the major parties at the club, the coach was to be jettisoned with immediate effect.