Liverpool fired club legend Kenny Dalglish as manager on Wednesday in a dramatic statement that the club's owners are not happy with the way the Reds have performed since they took over last year.
Dalglish, dubbed "King Kenny," had returned for a second stint as manager at Anfield in January 2011 and was given almost $160 million by the Fenway Sports Group to spend on the transfer market.
Despite the huge investment in players, Liverpool finished eighth in the EPL this season, 37 points behind champion Manchester City. It was Liverpool's worst finish in nearly two decades.
Dalglish, a key figure in the club's 1970s and 1980s glory years, said in a statement he was "honored and privileged" to have been given the opportunity to manage the club for a second time. The lone prize the Reds won was the 2012 League Cup.
Names mentioned as possible successors include Wigan's Roberto Martinez, Swansea'sBrendan Rodgers and Norwich's Paul Lambert.