Former England manager Sven-Goran Eriksson was unveiled by cash-rich Shanghai SIPG as their new coach Tuesday, on a contract that reportedly puts him among the top earners in football management.

The Swede was presented by officials at the Chinese Super League (CSL) club after intense speculation following his exit from fellow top-flight outfit Guangzhou R&F last week.

The well-travelled coach was reported to have been paid up to $3 million at Guangzhou, and Chinese media said his new bosses were willing to double the coaching team’s salaries.

“I am very happy and very proud that it is finally official that we are here and I am going to be the head coach of this club,” Eriksson told a news conference.

“I am looking forward to start work and looking forward to a new challenge.”

Shanghai SIPG finished fifth in last season’s CSL, which is currently the highest attended football league in Asia.

Things may change from this year, as the team changed hand and SIPG acquired Shanghai East Asia entirely, including the youth teams. As it is reported, SIPG planned to spend 500 million yuan ($82 million) on developing their side next season, reports in China said,on buying top-class players and coach in CSL, such as Zhang linpeng in Evergrande who was trained in East Asia soccer school before.

After Evergrande stepped in CSL, more and more clubs started following Evergrande and squandering money on team.

Will SIPG become next Evergrande? We will see.