Holt said: "Without advertising the role we received more than 100 unsolicited applications. The board drew up a shortlist based upon experience, knowledge of Posh, the players, the club's proud heritage, hunger, ambition, youth, track record and credibility.

"We wanted someone who has had success in the lower leagues, someone who can manage on a tight budget particularly with the new transfer window structure being implemented, someone with a name and personality that could galvanise the Peterborough public and attract supporters back to Posh.

"In addition to those applicants, the board sought out other prospective candidates who they thought would be capable of doing a fantastic job. Mark was one such prospect.

"The board then held structured interviews of both internal and external candidates and I am delighted to say it was an easy and unanimous decision.

"Mark was head and shoulders above the competition. His preparation was professional, his passion was outstanding. This is a very exciting day in the club's history."

Wright revealed that his only application for the job was delivered in a brief phone call to Fry when he heard a rumour the Posh boss was about to quit.

Wright said: "There were murmurings within the game that Barry was going to step down and I made a phone call to him and registered my interest if the position were to ever become available.

"I didn't apply again because I thought I had already done my piece and Barry said he would come back to me.

True to his word he did and it was very short and sweet. He gave me a call and said 'what are you doing on Friday?'

"When I said 'not a lot' he suggested I get my bottom down here to have a chat and that is exactly what we did."