Stoycho Mladenov announced on Wednesday he was returning to coach troubled Bulgarian side CSKA Sofia just seven months after being sacked.
"We are going back to square one," the daily Trud quoted Mladenov as saying.
"CSKA Sofia lost its image, its authority, its dignity, even though our place is in Europe," he added.
This will be the 56-year-old crowd favourite's fourth stint as CSKA coach. In 2003 and 2008, he led the side to the Bulgarian league title.
The club, one of the most popular in Bulgaria, finished third last season in the Bulgarian League but withdrew from the Europa League over "financial problems."
Mired in debt, the 31-time Bulgarian champions narrowly escaped bankruptcy last week when they agreed to new ownership.