Phil Thompson has welcomed the signing of Joe Cole. The former Reds captain and assistant manager was pleased to see Liverpool fend off competition from Arsenal and Spurs in winning the battle for Cole's signature. "It's a great bit of business. A lot has been made of Yossi Benayoun leaving for Chelsea, and I liked him as a player. But if I had to pick, I'd take Joe Cole all day long," Thompson told Sky Sports News. "It's the kind of signing that will give everyone a lift. Fans will be renewing their season tickets and getting Cole on the back of their shirts. "It's a promising start to a new era. We've got a new manager, we've just signed a really top player and we are on the look-out for more top players. "Joe Cole can produce that little bit of magic, where he can create something out of nothing. "He can make things happen. I know he's had his injury problems, but he featured at the World Cup and probably should have had the chance to make a bigger impact. "He can play just behind the attack and it could allow Steven Gerrard to slot back into the midfield. "I'm just really glad that he's agreed to come to Liverpool."