Manchester City has announced that the club has parted ways with manager Roberto Mancini.
Rumors of Mancini's firing had begun to circulate after City suffered a 1-0 loss to Wigan in the FA Cup final on Saturday, and the club confirmed the speculation, explaining that it failed to achieve any of its stated targets for the season.
"It is with regret that Manchester City Football Club announces that Roberto Mancini has been relieved of his duties as Manchester City manager," the club said in statement. "This has been a difficult decision for the owner, chairman and board to make and it is the outcome of a planned end-of-season review process that has been brought forward in light of recent speculation and out of respect for Roberto and his extensive contributions to the football club.
"Despite everyone's best efforts, the club has failed to achieve any of its stated targets this year, with the exception of qualification for next season's UEFA Champions League.
"This, combined with an identified need to develop a holistic approach to all aspects of football at the club, has meant that the decision has been taken to find a new manager for the 2013-14 season and beyond."
Mancini joined City in 2009 and ended the club's 35-year trophy drought with an FA Cup title in 2011. The 48-year-old followed that feat by guiding the Citizens to their first league title in 44 years last season.
Assistant manager Brian Kidd will assume the managerial duties on an interim basis until the club announces a permanent replacement.