The £1.5 billion deal will also see new fleet rolled out across the network.
Mick McCarthy Signed As New Ipswich Manager
Mick McCarthy is the new manager of Ipswich Town.
The former Republic of Ireland national team boss has signed a contract that will keep him at Portman Road until the summer of 2015.
He will be joined at the Club by Terry Connor, the two having worked together at Wolves.
"I'm obviously delighted to have been given the job as Ipswich Town manager and I'm looking forward to the challenge ahead," said Mick.
"It?s a fantastic football club, with a proud tradition and history and a terrific fanbase. While the long term ambition is to take the Club back into the Premier League, it's clear that the first priority is to get some confidence back into the team and start climbing the table."
Town chief executive Simon Clegg added: "I am delighted to welcome Mick and Terry to Portman Road.
"We are under no illusions of the challenge ahead for this Club given our position in the table but we feel we have the right manager to lead that challenge.
"Mick has a wealth of knowledge in the game and has shown that he knows how to compete successfully in the Championship in his time at both Sunderland and Wolves.
"While the first task is to guide the Club away from our current position, we believe Mick has all the credentials and drive to eventually bring success back to Ipswich Town."
After a playing career that saw him make more than 500 League appearances over 15 years with Barnsley, Manchester City, Celtic, Lyon in France and Millwall, Mick began his managerial career at The Den in 1992 and spent four years in charge.
Capped 57 times by the Republic, he was named Ireland boss in 1996 and remained in that position for six years, leading them to the 2002 World Cup finals, where they were only a penalty kick away from reaching the quarter-finals, going down to Spain in a shoot-out.
He was named Sunderland boss in 2003 and guided them back to the Premier League two years later by winning the Championship and repeated that feat with Wolves in 2009. He kept the Molineux club in the top flight for two years before parting company in February 2012, having been at the helm for six years.
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