Owner Barry Fry was appointed Peterborough chairman in May

Posh unveiled MacAnthony at a news conference on Monday, where owner Barry Fry revealed he was stepping down as chairman to make way.

"I have taken the club as far as I can and have no more resources to put money into this club," said Fry.

"There is no doubt Darragh can take this club forward and his expertise in the business world will help hugely."

Fry admitted recently that he had been involved in talks with several people keen to invest in the London Road outfit.

He continued: "I have had many people flying in from France and Scotland, Portugal and Spain to come and see me wanting to help this club.

"One of these gentlemen came over on 25th August and he was music to my ears because he was talking football, football and football.

"He was so impressed after looking around at London Road and the training ground that we shook hands on a deal.

"Darragh is a football nut with so much passion and commitment and I would like to welcome him as the new chairman of this football club.