Dundalk have parted company with manager Sean McCaffrey by mutual consent.
The former Republic of Ireland underage coach took over the reins at Oriel Park in January but the dire financial situation at the club, and poor on-field performances, have contributed to the decision to part ways.
In a statement released Thursday on the club's official website, Dundalk announced: "Sean McCaffrey and Dundalk FC have today come to a mutual understanding to end Sean's tenure as first team manager at the club. Both parties believe this is in the best interests of all concerned."
The Lilywhites are currently 10th in the Airtricity Premier Division and have experienced a difficult time on the pitch due to the uncertainty hanging over the future of the club.
Speaking about his decision, McCaffrey felt it was the right time to part company.
"Many of my plans and initiatives unfortunately could not be realised at the club in an appropriate timeframe and due to this I feel is it best we go our separate ways," he said.
The 52-year-old tactician went onto say: "I would like to thank all the players, coaching and administration staff for their efforts and co-operation during my time at the club and I wish them all the best for the rest of the season."
Assistant manager Darius Kearns will take temporary charge of the side as they prepare for Friday evening’s league clash with Shamrock Rovers. The club statement concluded by thanking McCaffrey for his efforts and claimed the financial struggles meant his plans for the Oriel Park side went unfulfilled.
"Dundalk FC would like to thank Sean for his dedication, commitment and professional work ethic towards the role of First Team Manager at Dundalk FC. The unprecedented financial times have added significant pressures on the club and have curtailed many of the ambitious plans Sean had for the Dundalk FC. We would like to thank Sean and wish him well in his future career."