Bury have terminated the contract of manager Andy Preece by mutual consent.
Preece took charge at Gigg Lane in May 2000 and he will be replaced by Graham Barrow who will take on the role of caretaker manager.
"This action has been necessitated by the need to make a significant
reduction in expenditure," said a club statement.
"The board of directors would like to record their gratitude to Andy Preece for his hard work and loyalty."
Preece has had to cope with severe financial restrictions and leaves with the side 12th in Division Three.