GFH Capital, the Dubai-based owner of English football club Leeds United has parted company with manager Neil Warnock with six games of the season to play.
The decision was made following a 2-1 defeat at home to Derby Country on Monday evening, a statement on the official club website read.
"The decision has been taken with a view to preparing for the 2013/14 season and Neil Redfearn will be asked to take control of first team coaching until a permanent appointment is made.
"This may well be after the end of the season dependent on the availability of the club's preferred choice to become the next manager," the statement added.
A short-list has already been prepared as Warnock was always going to leave at the end of the season in the event that the club did not win promotion.
Chief executive Shaun Harvey said: "We would like to thank Neil for his efforts during his time as our manager and share his disappointment that we could not achieve promotion this season.
"We now need to look to the future and the search for his replacement is underway, for which there is no fixed timescale as securing the services of the right person is the primary objective, so as to give us the best chance of promotion next season."
GFH Capital said on Monday it is currently evaluating the possibility of selling further stakes in the team, after it offloaded a 10 percent shareholding.
Last week, GFH Capital sold the stake in the second tier Championship side to Bahrain's International Investment Bank (IIB) for an undisclosed amount, having itself only bought the club in December.
In a statement to Dubai Financial Market on Monday, GFH Capital said that it had "received several offers from a number of investors, which are currently being studied and evaluated".