Newcastle United have sacked manager Steve Bruce after over two years in charge, with the club lying 19th in the Premier League.
The club was recently taken over by a Public Investment Fund backed by the Saudi Government.
Bruce was on the touchline last Sunday for his 1000th game in management, but the Magpies suffered their first defeat of the new era, a 3-1 loss to Tottenham Hotspur at St James' Park.
The club has thanked Bruce for his contribution and wished him well for the future.
Bruce guided Newcastle to 13th and 12th placed finishes in the Premier League, the quarter-finals of the FA Cup and the last eight of the Carabao Cup during his spell in charge on Tyneside.
The former Manchester United defender has issued the following statement via the club's website:
"I am grateful to everyone connected with Newcastle United for the opportunity to manage this unique football club.
"I would like to thank my coaching team, the players, and the support staff in particular for all their hard work. There have been highs and lows, but they have given everything even in difficult moments and should be proud of their efforts.
"This is a club with incredible support, and I hope the new owners can take it forward to where we all want it to be. I wish everyone the very best of luck for the rest of this season and beyond."
Graeme Jones is to take charge of Newcastle on an interim basis, beginning with Saturday's Premier League game away to Crystal Palace.
Newcastle have yet to win a Premier League match this season.
A record of five defeats and three draws from their opening eight games means that only Norwich City are in a worse position.
The Saudi-supported takeover for approximately £300 million pounds is expected to generate a significant transfer spend on players once the next window opens.
By that stage, the club hopes to have a head coach apppointed.