Bolton have appointed Keith Hill as their new manager.
Hill, 50, who was born in Bolton, has previously managed Rochdale and Barnsley and will be assisted by former Mansfield and Swindon manager David Flitcroft.
The Sky Bet League One club were saved from liquidation on Wednesday when Football Ventures (Whites) Limited took control of the club.
Jimmy Phillips was in caretaker charge for Saturday's 5-0 league defeat at Gillingham - the fourth successive game in which Bolton have conceded five goals.
Hill told bwfc.co.uk: "It is an absolute privilege to become the manager of such a big club like Bolton Wanderers.
"David and I are extremely grateful for the opportunity to manage our hometown club."
Bolton started the campaign with a 12-point deduction after going into administration and have had to field teams full of young players this season.
Hill said: "My first job is to recruit a number of players ahead of Monday's deadline.
"The young lads have done really well and worn their heart on their sleeve and we're not looking to replace them but they need help and we need to strengthen the squad."
Hill's first game will be the Leasing.com Trophy tie at home to Bradford on Tuesday.