The 52-year-old coach has resigned from his position at the King of Cups, who have been struggling of late, and find themselves at the very bottom of the table
The former River Plate and San Lorenzo coach tendered his resignation after el Rojo's 1-3 loss to Argentinos Juniors on Saturday, which cemented the Avellaneda-based club's place at the bottom of the table.
"We did all we could, this is a moment when the fans have to understand that the coach wants to get results but if they don't come he can't carry on," Diaz said to reporters after the game.
"I'm the only one to blame. The club gave me everything. I only have words of gratitude for the players and the people here."
Reserve side trainer Cristian Diaz has temporally taken charge of the first team until the club find a replacement.