Ranieri back at Valencia

Claudio Ranieri today began his second spell as manager at Valencia - less than 24 hours after sealing his pay-off from Chelsea.

The Italian, who was replaced by Jose Mourinho at Stamford Bridge last week, has signed a two-year contract with the club where he was coach between 1997 and 1999.

"I'm delighted to be back home," Ranieri said. "I promised I would return and here I am. I still have my ID card because I knew I'd be back one day.

"When Manuel Llorente (Valencia general manager) asked me if I wanted to return, I said I'll come swimming - from London or from Rome."

Although the move was agreed last week it was delayed until Ranieri reached a financial settlement with Chelsea.

The 52-year-old Italian has received a reported £1.75million pay-off from the London club - slightly less than one year's salary - despite having three years left on his contract. At Valencia, Ranieri will have a hard act to follow in Rafael Benitez, who led the club to the Spanish championship and the UEFA Cup last season.