Darren Ferguson - 'the greatest Peterborough United manager in modern times' - has agreed to stay at London Road for three more years

The 51 year-old was appointed manager on an interim basis in January with Posh on a run of one win in nine matches, but steered them into the League One play-offs, following a last-game win at promotion hunting Barnsley, with his team picking up an average of almost two points a game.

Posh were beaten on penalties in the play-off semi-finals by a powerful Sheffield Wednesday side, but Ferguson had done enough to convince club chiefs he should be persuaded to stay on.

Ferguson has now signed a three-year contract. In each of his three previous spells as manager Posh were promoted from League One, in 2008-09, 2010-11 and 2020-21. He also took Posh out of League Two in the 2007-08 season, his first full campaign as a Football League manager.

Ferguson said: “I had a long chat with the chairman and we spoke about the direction I felt the club needed to go in and that was to go younger and develop players.

"I felt there were a lot of players who have been here a long time and we needed to freshen the squad up and fortunately he agreed. We are very much aligned on that.

“It is really exciting to be in a position to do that and it is something that me and my staff are really looking forward to. There is no denying that in the many years that Darragh and I have been together it has a been a hugely successful period of time.

"We are not going to be shouting things from the rooftops, saying we are going to do this or that. We are very much looking mid-long term as a club. Of course we want to be competitive next season and we will be looking to bring players in to supplement what we have, but it is important to have a bit of a reset.

“In football, you have cycles and there are a lot of players who have done really well for this club, won promotion, got the club to the play-offs, but a lot have been here a long time and it is time for a change for us and for them. That needs to happen. The players understand that.

"A couple of players have also asked to go on the transfer list and we have reluctantly agreed.

“It was pivotal here that we had a complete refresh, a complete retool. This is a really exciting challenge and pivotal to me staying. We had to go young and freshen everything up. I felt the chairman would go with it and he did.

“I have to be motivated in my job, especially at this club because I have seen it, done it and got the t-shirt. I am still highly motivated to do well in my job. Just because I have been here a long time does not mean it doesn’t hurt when things don’t go our way. Last week hurt like hell.

"As a manager you have to get on with it and a pivotal part of this decision was the complete refresh. We need to focus on younger players, while adding experience in the right places and I am excited by that challenge.”

Posh chairman Darragh MacAnthony added: “The owners of the football club are absolutely thrilled that the greatest manager of Posh in modern times is part of an exciting new chapter that starts this summer.

"We are all looking forward to shaping the squad for the new campaign.”

The Posh boss also confirmed members of his management team have been given long-term contracts, which will be announced in due course.

Posh are now expected to publish their list of retained and transfer listed players before the weekend.