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As reported on ITFM Magilton had intially told the media he wouldn't be applying for the post but he revealed how that was tongue-in-cheek to relieve the spotlight off him and he had actually sent a letter to David Sheepshanks asking to be considered immediately.
He said, speaking to Radio Suffolk: "I'm fiercely ambitious and determined and I hope that I'm someone that the fans can identify with. I always wanted to come back here, it's like home. But I want this place bouncing again - there's nowhere better when this place is buzzing.
Jim responded to the media's assesment of his appointment being a gamble by saying that it was a 'sensible gamble', he said: "I know these players inside out both their moods and their abilities. I know exactly what makes each one of them tick. I have absoloutely no problem stepping over the line between player to manager here and I will make big decisions and everyone will know where they stand with me.
"I will do anything for the club and I myself and Bryan will exhaust every ounce of energy to be successful. I think there is a lot of unfulfilled potential here and I think we underachieved last year. We should at least be challenging for the play-offs - and that's at the very least.
"The hospitality at this place is lovely but we need to turn it into a more intimidating place for teams to visit and we need to pick up results quickly.
"I'm going to hit the ground running and I can't wait to get my teeth into this job."
Royle's assistant and temporary manager Willie Donachie and chief scout Colin Suggett are the two casualties that will not be staying at Portman Road. Magilton will be appointing new staff in the coming weeks. Tony Hume, the former assistant academy director will step up into Klug's head of academy role.