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Sheepshanks told the press: "I am very excited to confirm that Jim Magilton will be the clubs new manager with Bryan Klug at his side as first team coach.
"Jim's outstanding leadership qualities, passion for both the club and the job and a will to to win have shone through from the very beginning of this interview process. He has outlined a clear strategy and approach that has won the unanimous backing of the board.
"With the expert assistance of Bryan Klug, who is one of the very top qualified coaches in the country, with a UEFA Pro license, we are confident that we have installed a winning partnership.
"There will be those who see this as a gamble but this is the case with appointing any manager from outside. We see this appointment as a bold and progressive step, of both continuity and change. Both men know the strengths and weaknesses of the playing staff and have a cear vision of how they will restore our first-team fortunes and get us back to the Premier League."
"If you were to cut these two men in half, they would bleed blue and white. I hope all Town fans will join together and back them to the hilt. They will need time and patience but I am confident their appointment heralds a bright new era for this club."