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Ferguson quit today (February 20) just 24 hours after Posh slumped to next-to-bottom of the Championship following a 1-0 defeat at relegation rivals Derby County.

Ferguson celebrated 500 games in charge of Posh and 700 games as a Football League boss earlier this season.

Ferguson released a statement via the League Managers Association that read: “It is after serious consideration, that I have made the decision to resign as manager of Peterborough United.

Darren Ferguson (third right) with the Posh co-owners, from left, Darragh MacAnthony, Dr Jason Neale and Stewart 'Randy' Thompson after a presentation to celebrate his 500 games at club boss.

“After working tirelessly and winning promotion to the Championship, I genuinely hope that the club can find a way to remain there.

“Thank you to the players and staff, who were committed to the task in hand. Particularly (secretary) Liz (Elsom), (Academy director) Kieran (Scarff), (Director of Football) Barry (Fry) and former chief executive Bob (Symns).

“I would also like to express my respect for Darragh MacAnthony who has shown endless support and commitment to Peterborough United throughout the years. I’m sure the fans will continue to get behind him and the new management no matter what the position of the club is.

“I am wishing them good luck for the future.”

Darren Ferguson urges Peterborough United fans to get behind his successor