Arsene Wenger has signed a new three-year contract with Arsenal which will keep him at the club until 2017.
Wenger had gone nearly nine years without winning a trophy until Arsenal won their dramatic FA Cup final against Hull City on May 17. But the new deal will take his tenure at the club to 21 years.
Wenger told the club’s website: "I want to stay and to continue to develop the team and the club. We are entering a very exciting period.
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"We have a strong squad, financial stability and huge support around the world. We are all determined to bring more success to this club. The club has always shown faith in me and I’m very grateful for that.
"We have gone through fantastic periods and also periods where we have had to stick together. Every time when that togetherness was tested I got the right response. I think I have shown some loyalty as well towards this club and hopefully we can make some more history. I am sure we can."
Arsenal chairman Sir Chips Keswick said: "We are delighted that Arsene has renewed his contract for a further three years. He is a man of principle, who lives and breathes Arsenal.
"He has established Arsenal for its exciting playing style around the world, continues his commitment to young players and has the ability to bring top-class players to the club. I have no doubt we have an exciting future ahead of us with him leading the team."
Arsenal’s majority shareholder Stan Kroenke said: "Sustained excellence is the hardest thing to achieve in sport, and the fact Arsenal has competed at the top of the game in England and Europe throughout the time Arsene has been manager is the ultimate testimony to his consistency of performance, talent and ambition.
"We are delighted with the FA Cup success which has added to his already outstanding record. Under his guidance we look forward to adding more trophies in future seasons."
Nigel Winterburn, who played under Wenger between 1987-2000, told Sky Sports News: "It’s good news for me and the club. I’ve always supported Arsene Wenger, particularly through the last few seasons when he was under pressure with the team not winning a trophy. I believe there have been restrictions with the spending.
"Having now won the FA Cup and Wenger signing I would like to see the transfer policy changing so they can go out and buy some players to complement the team he’s got at the moment."
Wenger came under fire last season for not providing enough support to forward Olivier Giroud. Winterburn believes this needs addressing and added: "They need at least one centre-forward to complement Giroud. They need to bring in a right-back and need to look at left midfield.
"When Arsenal played at their best last season they had pace and power with Theo Walcott out wide and Aaron Ramsey making the runs. When they lost those players through injury they seemed to struggle.
"There are areas they need to look at but Arsene likes to take his time. But with all the clubs looking to spend money I think Arsene needs to do that as well."
The 64-year-old manager joined Arsenal in 1996 and transformed the club on and off the pitch. They won the Double in 1998 and he signed a host of international stars such as Thierry Henry, Marc Overmars and Cesc Fabregas.
The 2003-2004 team will go down in history as ‘The Invincibles’, remaining undefeated for the whole title-winning Premier League season.
They won the FA Cup in 2005 but then the silverware dried up, Arsenal losing in two League Cup finals and the Champions League final in 2006.