Williams, 47, was previously manager at Colchester United for two years and he will be asisted by Kevin Nugent.
Thus seemingly concludes an eventful two weeks at Brisbane Road. Many fans will however feel a sense of disappointment at both the failure of the takeover and the appointment of a manager who will be seen as a "cheaper" option. The focus for club and fans must, however, now be completely on the need for League One survival starting at Tranmere on Saturday, weather permitting.