On the anniversary of his appointment at Molineux, O’Neil has been rewarded for an impressive first season at the club.
Taking over just days before the start of the season following the departure of Julen Lopetegui, O’Neil calmed supporter unrest and briefly had Wolves pushing for a European spot – after they had begun the season among the candidates for relegation due to a difficult financial backdrop.
Chairman Jeff Shi said: ‘I think the club has a positive future, building a new cycle for growth, better results on the pitch and ambitions to realise.
‘To prepare for that, we need a very good team and I think Gary is a key member of the team, maybe even the most important member, so we are very happy to have him here for the long-term.
‘The team together – me, Gary, sporting director Matt Hobbs and all the staff – we are working very closely to prepare for the new season. Gary is key and we are happy to have a very young, talented, capable and outstanding manager here.
‘He works very hard and is very humble. He might be the humblest manager I have ever worked with and one of the most hard-working coaches I’ve ever met. His strengths are around his tactics and his chemistry with the players.’
O’Neil’s next challenge will be to reshape a team now deprived of its most potent attacking weapon.
Neto is heading to Stamford Bridge in a straight cash deal worth about £54million, after Wolves rejected cash-plus-players offers from both Chelsea and Tottenham for the 24-year-old.
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