Paul Ince has been sacked as manager of Blackpool.
The Seasiders have taken just one point since November during a run of nine defeats in 10 games and the former Blackburn boss and his backroom staff of Alex Rae and Steve Thompson "have had their contracts terminated with immediate effect."
The club also confirmed in a brief statement that veteran midfielder Barry Ferguson, 35, will take charge of training from Thursday onwards.
The statement on www.blackpoolfc.co.uk read: "Blackpool Football Club can confirm that manager Paul Ince and assistants Alex Rae and Steve Thompson have had their contracts terminated with immediate effect.
"Barry Ferguson will take charge of training when the players return on Thursday.
"A further announcement will be made in due course."
Former England captain Ince succeeded Michael Appleton last February following his decision to join Blackburn shortly after being appointed.
Although Blackpool are still eight points off the drop zone, results only tell part of the story with fans furious at Ince's failure to add to a depleted squad this month and the indiscipline which has seen them accrue nine red cards already.
Ince, who has also managed Macclesfield, MK Dons and Notts County, guided the team to a mid-table finish last season before starting this campaign in impressive fashion.
The 46-year-old was voted manager of the month in August, when his team topped the division, and they were still in the top four as recently as November before the wheels began to fall off at an alarming speed both on and off the field.
In their first December fixture, three men were sent off in the loss at Yeovil and two more were given their marching orders in a 5-1 thrashing to Derby four days later.
The Seasiders, though, denied they had a discipline problem, an accusation which had been levelled at them since Ince received a five-game stadium ban from the FA in October for his actions following a game with Bournemouth in September.
The governing body later disclosed the details of Ince's expletive-laden rant at a fourth official, who the Blackpool boss had also physically assaulted following the final whistle.
Things only got worse in the new year with the club seeing five loanees returning to their parent clubs and then fining striker Michael Chopra for his outburst on Twitter in which he complained only six players and a fitness coach were present at training.