The 46-year-old businessman has been hotly tipped to take over at Victoria Park following McAleavy’s shock resignation almost a fortnight ago.

And following a week of contract talks the appointment was made official yesterday (Tuesday).

Lamb told the Border Telegraph: “The biggest problem we face at Vale of Leithen is off the park. I am coming in as manager but I am also going to help to get the club into a better financial position.

“It is an exciting prospect for me as it is the first time I’ve managed in the Lowland League and if we get the right structure in place we can build this club up to where it should be.” Amongst the backroom staff who are coming to Victoria Park with Lamb are Stuart Robertson in a director of football role, former Hearts player Jimmy Rae as assistant manager and former Berwick goalkeeping coach Mark Beveridge.

Over the next fortnight a new physio and additional coach will be appointed.

Lamb already has agreements with six former Berwick Reserves players - Ross Brady, Ross McMillan, Greg Tulloch, Euan Sanderson, Jordyn Gill and James Elliot - to follow him to Innerleithen. And he hopes to have another four or five signings by the end of the month as he looks to build a new squad.

But most of Vale’s problems lie off the field with a 2015 deadline approaching for gaining the SFA’s Club Licence, which is a requirement of being a member of the Lowland League.

Lamb added: “I have spent the past few days discussing the finances of the club and we are confident we can take things forward.

“As well as the new coaching team there will be five or six new board members. There are a lot of good people getting involved but we will still need more and we will be asking for the people of Innerleithen and surrounding areas to come and support us.

“The six boys we have signed were all offered extensions with Berwick - it shows that they believe we can do a job at the Vale.”