Peterborough United have confirmed manager Darren Ferguson has left the club by mutual consent.
The 37-year-old, the son of Manchester United boss Sir Alex, led Posh to back-to-back promotions since taking over in January 2007.
But they lie bottom of the Championship with just two league wins this season.
"Following a series of meetings with the manager, Peterborough have decided to part company by mutual consent," read a club statement.
"The football club would like to thank Darren for his magnificent service during his time at London Road and wish him and his family all the best for the future.
"Peterborough United Football Club wish to assure all it supporters that the perceived delay in announcing the departure of the manager by mutual consent was entirely due to the confidential terms and conditions that underpinned the agreement which was not approved and finalised until this afternoon.".
606: DEBATEFerguson's last game in charge was Saturday's 3-1 defeat at Newcastle, their third successive reverse.
The Scot had become one of the most highly-rated young British managers following successive promotions in his first two full seasons in charge and was wanted by Reading in the summer.
At the time, Posh chairman Darragh MacAnthony said: "We've got the best young manager in the country, he's just claimed back-to-back promotions and we have a terrific group of young players."
Ferguson won 73 of his 145 games in charge at London Road, suffering just 40 defeats.
He signed a new four-year contract in July after he was refused permission to speak to the Royals.
RELATED INTERNET LINKS:
Peterborough fans' views on 606
BBC Cambridgeshire sport
Peterborough weather
BBC Sport Championship
Peterborough United
The BBC is not responsible for the content of external internet sites
~RS~q~RS~~RS~z~RS~06~RS~)