Peterborough United have parted company with 'legendary' manager Darren Ferguson

Posh returned to the bottom of the League One table after a damaging 2-1 defeat at home to Blackpool on Saturday.

Posh chairman Darragh MacAnthony issued a statement on Saturday evening.

It read: ‘I have made the decision to terminate Darren Ferguson’s contract after today’s game. The decision wasn’t taken lightly, but it’s a decision I feel is the correct one for the football club.

‘The Gaffer is for me the greatest manager in the club's history who I will always consider to be part of my family and the club’s family. There are too many wonderful moments to mention here, but those many historical celebrated moments I will cherish and remember forever.

"Yes, we have had down moments, and it hasn’t always gone to plan, but he has managed this football club like it's his own. I am devastated he is no longer our manager and will miss the everyday chats we have regarding life and football. I wish him and his phenomenally supportive family nothing, but love and respect and the best for the future.

"This season has been challenging on all fronts for our great football club. It’s time to go again, freshen up and enter a new period of growth in all aspects on and off the pitch. Thank you to the brilliant supporters who continue to stick with us through good and bad. Today is another tough day but from Monday onwards we start healing and moving forward. Goodbye Legend and Thank You.’

There is no news yet on Ferguson’s assistants Kieran Scarff and Kevin Russell, two men with close relationships with the former boss.