Speaking after his side's 3-0 win over Everton, Ferguson said: "[Reid's sacking] is one of the saddest things I've heard for a long time because he resurrected that club.

"They were going nowhere till he went there. It's a sad day because he's one of the good guys."

League Managers' Association chief executive John Barnwell was another to declare his regret over Reid's fate.

Barnwell was particularly disappointed at the news as it ended a period of relative stability for his members.

"The timing [of Reid's sacking] is difficult to come to terms with. We were in a period where it's been probably the best period for a long, long time where we've had no dismissals."

"This time last year up to the end of November we had 28 dismissals which was horrendous and there were 13 alone in October.

"I've just had a conversation with [sacked Exeter boss] John Cornforth and now I hear that a high-profile and excellent manager like Peter Reid has been dismissed.

"Peter has been successful, he has done exceptionally well but he has not been able to stem the tide of late.

"I think he will lick his wounds, get his breath back and then make a decision - his career is far from finished."

Graeme Sharp, a former team-mate of Reid's at Everton, said: "He will be very disappointed. He has received a lot of criticism, which has been pretty harsh because he has done a fantastic job at Sunderland.

"He is leaving them in a far healthier state than when he arrived because it looked as though they were going to get relegated to the Second Division.

"Peter has nothing to be ashamed of. The treatment he has received from some fans has been atrocious."

Former Sunderland boss Lawrie McMenemy added: "Peter took them to seventh twice prior to last season and a small section of the crowd, which can be a bit naughty, turned on him."

David O'Leary and George Graham are the early favourites to replace Reid at the Stadium of Light.