Ex-Leeds and Sunderland boss takes charge of Portsmouth's rivals while another League One club sack boss
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The Cod Army, who sit 14th in the League One table, parted company with Joey Barton earlier this month after two-and-a-half years in charge.
Youth team chief Simon Wiles had been holding the reins at Highbury Stadium and was on the touchline for Pompey’s 1-0 victory at Fleetwood on January 16.
However, Grayson’s now been handed the job on a permanent basis following talks with chairman Andy Pilley over the weekend.
The 51-year-old returns to the Fylde coast after being sacked by Blackpool last season.
Grayson’s also managed the likes of Leeds, Huddersfield, Preston and Sunderland during his career.
He told Fleetwood’s website: ‘I’m really excited to be at Fleetwood Town.
‘I spent a few hours with Andy Pilley this morning and we agreed a deal for me to take the job and it's something I'm really looking forward to.
‘Fleetwood Town are a football club I know a lot about, it's a club with a really good infrastructure and I'm delighted to get back to work and be given this opportunity to get the club winning again. I can't wait to get started.
‘First and foremost, I want to get Fleetwood back to winning ways, get a smile on players' faces again and get them enjoying what they are doing.
‘It's never easy when you are losing games and things aren't going your way, so I intend to get them smiling, working hard, and letting us in the right to win football matches. Hopefully, we can do that very quickly.’
Meanwhile, AFC Wimbledon are on the lookout for a new manager after they sacked Glyn Hodges on Saturday.
The Wombles sit in the relegation zone after failing to win their past 11 league games, nadiring in a 2-0 loss to bitter rivals MK Dons at Plough Lane.
Assistant-manager Nick Daws has also left the Londoners.
Chief executive Joe Palmer said: ‘It is with a genuinely heavy heart that I have to announce that we have parted company with Glyn.
‘After a strong start to the season when the team was arguably over-performing, the recent run of results left us in a difficult position.
‘We need to do everything to ensure our survival in League One and after a brief chat Glyn and I have agreed that a parting of the ways today is in the best interests of Wimbledon.
‘I think it says it all about the man and his love for the club that we were able to come to this decision together. I want to place on record my thanks to Glyn and Nick for their efforts in my time here, and I wish them both every success in the future. Glyn’s service to Wimbledon goes back a long way and he leaves the club today with our thanks for all he has done for us over the years, as player, coach and manager.’
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