Stoke City have terminated the contract of manager Gudjon Thordarson, less than a week after the Icelander led the club to triumph in the Division Two play-off final.
Potters chairman Gunnar Gislason claims that the relationship between Thordarson and the board had become "untenable".
A statement issued on the club's official website, said: "Whilst the board recognise the contribution of Gudjon Thordarson in helping the club to promotion it is felt that the long-term interests of the club will be best served by the appointment of a new manager.
"The working relationship between the Board and the current manager is untenable.
"The manager has not always appreciated the financial constraints within which he has had to work and it is felt by the board that this situation is unlikely to improve especially given the uncertainty regarding future income from TV rights.
"We would like to place on record our thanks to Gudjon for initially bringing the Icelandic investors together and for his contribution to Stoke City FC overall. We wish him well in the future."
Thordarson was appointed manager in November 1999, and guided The Potters into Division One with a 2-0 win over Brentford in the play-off final at Cardiff last Saturday.
The club's board are drawing up a list of possible candidates for the vacant manager's post and are hoping to make an appointment in due course.
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