Liverpool have announced that manager Rafael Benitez has left the club by mutual consent after six years in charge.
The 50 year old Benitez replaced Gerard Houllier as Liverpool manager in June 2004 and took the club to Champions League and FA Cup success the following two seasons.
This past season however Liverpool exited from the Champions League early and finished only seventh in the Premier League.
Benitez had four years of his five-year contract to run, finalised his departure after agreeing a severance payment believed to be £6 million and said he was "extremely sad" to be leaving the club.
"I'll always keep in my heart the good times I've had here, the strong and loyal support of the fans in the tough times and the love from Liverpool," he told the club's website.
"I have no words to thank you enough for all these years and I am very proud to say that I was your manager. "