Manchester United have confirmed the sacking of manager Louis van Gaal and said that a decision on his successor – widely expected to be Jose Mourinho – will be made "soon".
Executive vice chairman Ed Woodward praised Van Gaal's "excellent work" and "great professionalism and dignity" as he confirmed the Dutchman's dismissal just 48 hours after he led United to the FA Cup.
Van Gaal said he was "very disappointed to be unable to complete our intended three-year plan". The former Holland, Bayern Munich and Barcelona coach is thought to have received a £5m settlement for departing a year early.
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United’s share price ended the day at $17.04, up from $16.80, in New York. The price peaked at $19.35 during Van Gaal’s two-year tenure, just two months after his appointment, in July 2014.
Van Gaal spent much of the day at United's Carrington training ground in talks over his exit, news of which was leaked minutes after United beat Crystal Palace 2-1 on Saturday to win the first silverware of the post-Sir Alex Ferguson era.
It is though that Mourinho's appointment could be confirmed as soon as Tuesday. The Portuguese has been strongly linked with the Old Trafford hotseat since his own sacking by Chelsea in December.
Woodward said: "I would like to thank Louis and his staff for their excellent work in the past two years culminating in winning a record-equalling 12th FA Cup for the club (and securing him a title in four different countries). He has behaved with great professionalism and dignity throughout his time here. He leaves us with a legacy of having given several young players the confidence to show their ability on the highest stage. Everyone at the club wishes him all the best in the future."
Van Gaal said: "It has been an honour to manage such a magnificent club as Manchester United FC, and in doing so, I have fulfilled a long-held ambition.
"I am immensely proud to have helped United win the FA Cup for the 12th time in the club's history. I have been privileged during my management career to have won 20 trophies but winning the FA Cup, which is steeped in so much history, will always be one of the most special achievements of my career.
"I am very disappointed to be unable to complete our intended three-year plan. I believe that the foundations are firmly in place to enable the club to move forward and achieve even greater success.
"I hope that winning the FA Cup will give the club a platform to build upon next season to restore the success that this passionate set of fans desire.
"Having managed in Holland, Spain and Germany, I had always hoped for the opportunity to manage in English football and be part of English culture. Both of these experiences have lived up to expectations and been fantastic.
"I thank my players and wish them well for next season. It has been a pleasure to work with them and it has been particularly rewarding to see so many young players take their chance to break into the first team and excel. I look forward to watching the continued development of these young players next season.
"Thank you to the owners and board of Manchester United for giving me the opportunity to manage this great club."