Benitez leaves Liverpool

Liverpool have parted company with Rafa Benitez by mutual consent, ending the Spaniard's six-year reign as manager.

"Mr Benitez relinquishes his position as team manager after six years and the board of directors would like to place on record their grateful thanks for his services and wish him all the best in his future career," said a statement on the club website.

According to media reports the board signalled the 50-year-old's departure by approving a pay-off, said to be in the region of £3 million, despite the two parties agreeing a five-year contract in March 2009.

Benitez could have been entitled to a severance package of around £16 million but Liverpool, burdened by debt, would have struggled to pay him off in full.

Benitez told the club's website: "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 of the fans in the tough times and the love from Liverpool."

He continued: "I have no words to thank you enough 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."