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The new manager will be paid more than the £2million-a-year Sam Allardyce earned at the Stadium of Light.
Speaking to the club's website, Moyes said: “I am delighted to have joined Sunderland. I am relishing the challenge and excited by the opportunity.
“I have taken over a big British club, with a great support and I’m looking forward to working in the Premier League again.
“I look forward to continuing the good work done by Sam.”
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