Plymouth manager Peter Reid has been sacked following a run of eight successive league defeats.
The former Manchester City and Sunderland manager, 55, was appointed as Paul Marriner's successor in June 2010 but has been unable to halt the cash-strapped club's slide to the bottom of npower League Two.
A club statement read: "Plymouth Argyle Football Club (in administration) has announced that Peter Reid has left his position as manager of the football club."
The statement continued: "Peter joined Argyle as manager at the beginning of the 2010-11 season and inherited an unsustainable wage bill and a club that with the benefit of hindsight was in financial meltdown.
"During the last 15 months Peter has been the ultimate professional and has gone about his duties without complaining and has had to cope with more in a short period of time than most managers have to put up with in a whole career.
"Ultimately however, whatever the challenges, football is a results business and Argyle sit bottom of the Football League with only one point out of 27. It is crucial that we give ourselves time to attempt to preserve Football League status and therefore it is felt that a change of manager now is the only option.
"Peter leaves with our unreserved thanks for his contribution in helping keep the club alive during this turbulent period and he leaves with our very best wishes for the future. An announcement will be made within the next 24 hours with regard to interim arrangements for the management of the first team."
Argyle went into administration with reported debts of £17million while in npower League One in March this year and after being docked 10 points were subsequently relegated in May.
Devon-based businessman James Brent has re-emerged as the front-runner to buy the club after plans for Bishop International to complete their takeover failed to materialise.
The Gibraltar-based firm failed to come up with the £6million needed to buy the League Two club's Home Park ground and the land surrounding it.
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