Dick Campbell had been manager of Partick for three years

The club, currently sixth in the First Division, have lost five of their last six league matches - the latest a 1-0 reverse to bottom club Airdrie.

Campbell's assistant Jimmy Bone will take charge of team affairs on a caretaker basis.

The Jags also announced that chief executive Gerry Carey would be leaving the club in a cost-cutting move.

Thistle have been struggling financially and last summer the club were refused planning permission to develop an area of former terracing.

Having removed Carey, the Glasgow side are seeking new investment.

A club statement said: "The considerable expense of running a 10,000-seater stadium built to comply with former SPL rules and providing funds to field a team have led, this season, to large losses which cannot be sustained.

"Consequently the directors wish to make it known that they are willing to discuss investment in the club from outside interested parties.

"Financial budgets for next season have been prepared and as a result of inevitable cost cutting, the club have been forced to make redundant the post of chief executive."