Blackpool legend Ian Evatt appointed the new manager of Bolton Wanderers

Following days of negotiations Bolton finally agreed to pay the compensation fee, which is thought to be £225,000.

The deal also involves the 38-year-old’s assistant manager Peter Atherton joining him.

Evatt and Atherton have signed deals that will run until the end of the 2022/23 season.

"Bolton Wanderers is a fantastic football club with an incredible history and fanbase and this is a really exciting opportunity for us all," Evatt said.

“Hopefully I can bring a brand and an identity that people will enjoy watching – attacking and scoring goals is what we all want to see.

“We want to be challenging and competing for promotion at the top of the division and to see a packed University of Bolton Stadium.

“The community and town is also very important to me. We will get out there and engage with them and make them proud of Bolton Wanderers.”

The former Seasider replaces Keith Hill, who left the club after failing to keep the Trotters in League One.

Evatt’s move to the University of Bolton Stadium comes after he guided Barrow to the National League title last season.

In his second season in charge at Holker Street, the former defender defied the odds to seal Barrow’s return to the Football League after a 48-year absence.

Evatt’s achievement was all the more impressive given the Bluebirds’ budget was amongst the lowest in the National League.

"We are absolutely thrilled to bring Ian on board," Bolton chairman Sharon Brittan said.

"I am certain that his style of football will keep us all entertained and he is very enthusiastic about his opportunity to represent the club in the town and community.

''We have followed a thorough process in identifying Ian as the right person to take us forward on the next stage of our journey and can’t wait for it to get started.”

Known for playing a similar brand of football to how Blackpool played under Ian Holloway, Evatt had been linked with the Blackpool job in February following the sacking of Simon Grayson.

However the Seasiders opted to go with Liverpool Under-23 coach Neil Critchley.

Evatt made more than 250 appearances for Blackpool over a seven-year spell, helping the club to promotion from League One in 2007 and to the Premier League in 2010.

Barrow thanked Bolton for the "professional manner" in which they conducted themselves during negotiations.

"Once Ian had expressed last Friday his desire to leave Barrow AFC we felt it only fair to honour our agreement with him," the club said in a statement.

Chairman Paul Hornby added: "It’s always disappointing when someone decides to move on especially when they’ve had such a positive impact.

"Ian did a wonderful job over the time he was here and he leaves us with a blueprint and identity of how we want our team to play and a great group of players.

"We shouldn’t let his departure distract from a fantastic season and the massive opportunity promotion creates for this club going forward.

"We are very confident we can recruit a new management team that can take us to the next level also playing attractive, possession-based football.

"We wish Ian all the best in his future career and look forward to seeing him again next season."