Berwick Rangers have appointed former Hibernian defender Michael Renwick as manager following John Coughlin's surprise resignation this month.
Michael Renwick had been coaching with Cowdenbeath
Renwick has been coaching with Second Division rivals Cowdenbeath.
The 31-year-old had also been a player at Central Park and also turned out for Ayr United, Morton, East Fife and Stenhousemuir during his career.
Livingston midfielder Lee Makel had also held talks with Berwick about the vacancy at Shielfield Park.
Coughlin, who has since taken charge of Third Division Stenhousemuir, resigned with Berwick bottom of the league.
There has been a reduction in our playing staff budget, but the club could not sustain the wages that were being paid two to three years ago
Berwick chairman Robert Wilson
And Berwick chairman Robert Wilson told his club website that Renwick's priority would be to lead the side clear of relegation a year after Coughlin led them to the Division Three title.
"The new manager will have a budget to bring in two to three players during the January transfer window and hopefully a run in the Scottish Cup will generate extra funds to allow us to sign additional players," he said.
Midfielder Danny Swanson has been sold to Dundee United and will join the Scottish Premier League club in January.
"The bulk of the transfer fees we have received for Kevin Haynes, Gary Greenhill and Danny Swanson will be used to clear the overdraft with the bank to leave the club virtually debt free," said Wilson.
"When I took over as chairman nearly five years ago, the liabilities of this club were in excess of £150,000 and I am very proud of our current financial situation.
"There has been a reduction in our playing staff budget, but the club could not sustain the wages that were being paid two to three years ago."
Wilson said that starting next season without a debt burden would allow more money to be invested in the squad and Shielfield Park.