Gary Ablett has left his post as Stockport County manager after just a season in charge.
The news came as the club confirmed a takeover by the 2015 Consortium had been completed.
Former Liverpool and Everton defender Ablett joined Stockport in July 2009 but his season at the helm saw the club relegated from League One.
New chairman Alwin Thompson said: "It was a mutual decision. It's important we have a clean start."
Thompson told BBC Radio Manchester: "Gary had a very difficult task in very difficult circumstances and we wish him well in any future endeavour."
Ablett was forced to manage under tight financial constrictions as Stockport spent the season in administration.
That meant he had to part with a number of players and County eventually finished 25 points adrift of safety.
The new owners will now begin the hunt for a replacement, with former boss Jim Gannon among the names being linked.
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