Liverpool Football Club and Rafael Benitez have officially parted company by mutual consent. The Club's official website announced a short time ago that Rafa had relinquished his position as manager after six years at the reins.
Managing Director Christian Purslow and Club Ambassador Kenny Dalglish have been given the task of finding a replacement. There has been no timescale given of when Liverpool would like to have their new manager in place by.
"Rafa will be part of Liverpool folklore after bringing home the Champions League following the epic final in Istanbul but after a disappointing season both parties felt a fresh start would be best for all concerned," Club Chairman Martin Boughton said in a statement.
Details of the compensation package have not been made public, but it is thought to be significantly lower than what Benitez is contractually due, and closer to the offer made to him by the Club.
Speculation has already kicked off surrounding Benitez's successor with candidates such as Martin O'Neill, Kenny Dalglish, Guus Hiddink, Roy Hodgson, and Mark Hughes to name a few. It is envisaged that plenty more names will be thrown into the hat in the coming days.
Benitez is suspected to make an immediate return to football with reigning European Champions Inter Milan.
"It is very sad for me to announce that I will no longer be manager of Liverpool FC. I would like to thank all of the staff and players for their efforts. I'll always keep in my heart the good times I've had here, the strong and loyal support for all these years and I am very proud to say that I was your manager. Thank you so much once more and always remember: You'll never walk alone," Benitez said in a statment.