Saturday 30 July 2016 10:40, UK
Wolves have announced that Kenny Jackett's contract has been terminated with immediate effect.
The Sky Bet Championship club's new owners took action just eight days before the side start their 2016/7 campaign at Rotherham and four days after stating Jackett's position was not under threat.
Wolves released a statement on Friday night which revealed that following discussions "over the last few days", the club's main director Jeff Shi had decided to "relieve Kenny Jackett of his duties".
It added that an announcement regarding a new head coach would be made "in due course".
Jackett, appointed in May 2013, led Wolves to the League One title in his first season - with a record total of 103 points.
They missed out on the play-offs on goal difference in the following campaign but were threatening to break into the top six last season until a run of just four wins in their last 16 matches saw them finish in mid-table.
Shi added: "I would like to sincerely thank Kenny for everything he's done for Wolves over the last three years.
"He's shown true professionalism during his tenure and over the course of the transition to new ownership. I would like to wish him all the very best for the future."
Wolves announced the £45m takeover of Chinese group Fosun International had been completed last Thursday.
And earlier this week Shi insisted Jackett would keep his job saying: "I'm trying to give him all the support I can. We share the same opinions."
Chief executive Jez Moxey, who will leave the club in three months' time for the same role at Norwich, added at Monday's press conference unveiling the new owners: "'Kenny is the coach going forward."
