Paatelainen was unveiled as successor to John Collins at Easter Road this afternoon, signing on a four-and-a-half year contract with Donald Park coming in as his assistant.

Collins left the Leith club three weeks ago, complaining at the lack of cash to help him achieve his ambitions, but Paatelainen insists he has no such fears.

Former Hibernian skipper Ian Murray and Kilmarnock striker Colin Nish have been linked with moves to Easter Road, but the former Finland international indicated that he will keep assess his squad first.

The current team will have their first chance to impress in the Scottish Cup fourth-round tie against Inverness Caledonian Thistle on Saturday.

Paatelainen said: "Yes, I am confident of getting backing from the board.

"I have talked to the board and chairman about the possibilities of bringing in players.

"So if we feel that we need to strengthen the squad then we will do so, but at the moment it is important to give every player a chance to show what they can do.

"The whole squad trained together this morning and we are preparing for Saturday.

"There was plenty of energy and effort, we have excellent players for almost every position and that gives me a great platform."

Paatelainen, 40, who became a Hibernian hero after two successful stints at the club as striker, acknowledged that the loss of talented players is something he, like other Hibs managers in the past, will have to accept.

Defender David Murphy is the latest player likely to leave the Leith club, the Englishman being targeted by Birmingham.

The former Finland international is hoping he can persuade his young players, and skipper Rob Jones who is also keen to move on, to stay in Edinburgh.

He said: "Of course we want to keep our best players but it's natural in football that when youngsters develop at a club, they want to go to bigger clubs at a higher level. It's a natural path for them.

"That's why it's good to have a young squad who are ambitious and want to go forward and learn more, are self-motivated, and thankfully we have that."

Chairman Petrie denied Paatelainen was simply a populist choice and confirmed that the Finn will be backed by hard cash.

He said: "We are delighted that Mixu is here and I'm sure he will be a fantastic manager.

"We only made one offer and he accepted and so we are delighted.

"Mixu is a big personality but along with that he has humility, he has good man-management skills, he is clear-sighted in what he wants to do.

"It helps that he is a former Hibs player and he knows what the expectations are but he has been at other big clubs and saw how they operated.

"What was more important is what he has done as a coach and what his potential is to develop and take the club forward.

"Like every manager Mixu will be supported in the development of the squad and what he wants to do.

"It is well known that we have the ability to strengthen if that's what he wants but he needs to take time to see how things unfold in the days and weeks to come.

"We still have three weeks of the transfer window."

Petrie claimed that the future of Tommy Craig, who has been caretaker boss in recent weeks, will be assessed in the next few weeks.