Lerner is set to back the Irishman with a big transfer warchest, but O’Neill will be carefull with the money.
The former Celtic manager told said: “Mr Lerner will obviously have to put a bit of trust into me, which he realises, because we don’t really know each other that well.
“Obviously during the early stages, the better we do, the more matches we can win, then he is going to feel a bit easier with you.
“But I think he is well aware that the old rocky periods are not too far away – and I think he will be supportive.
“I accept that but I’ve also said I don’t expect people to support you through thick and thin, through sheer blind faith, if you can’t win a game. I prefer it that way.”
O’Neill added: “Mr Lerner hasn’t said to me ‘You are in control of the whole proceedings’ but he hasn’t had to. I will be. I won’t get interference.
“Equally I have no intention of wasting his money but he will give me some sort of budget when he gets to know the precise financial position of the club.”