Scott Parker has been sacked by Bournemouth following the club's 9-0 defeat to Liverpool on Saturday afternoon.
Parker took over the Cherries last summer following a spell as Fulham manager and guided the club to automatic promotion to the Premier League as they finished just two points behind his free-scoring former side.
However, despite an opening day triumph over Steven Gerrard's Aston Villa, his side have since suffered consecutive defeats to Arsenal, Manchester City and the Reds.
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"A statement from the club's owner read: “I would like to place on record my gratitude to Scott and his team for their efforts during their time with us. Our promotion back to the Premier League last season under his tenure will always be remembered as one of the most successful seasons in our history.
“However, in order for us to keep progressing as a team and a Club as a whole, it is unconditional that we are aligned in our strategy to run the club sustainably. We must also show belief in and respect for one another. That is the approach that has brought this club so much success in recent history, and one that we will not veer from now. Our search for a new head coach will begin immediately.”
The former Tottenham and England midfielder had labelled the club's defeat at Anfield as "shell-shocking" as goals from Roberto Firmino, Luis Diaz, Trent Alexander-Arnold, Harvey Elliott, Fabio Carvalho and a Chris Mepham own goal brought the Cherries' goal difference down to an alerting -14.
"It goes without saying, it is a real humbling experience and one which was pretty shell-shocking in the sense of the result," Parker told reporters post-match on Saturday. "I am not surprised in terms of the level we are playing against here and the quality is just far greater than what we have at this present time. It is not me making an excuse because there are some goals in that game which were down to our doing: the set-play goals were really poor and we could do something about that.
"I feel sorry for the fans, I feel sorry for the players because we are just a bit underequipped at this level from where we've come from and what we have. It has been difficult."
Former Liverpool U21s coach Gary O'Neil will take charge of the Cherries' game against Wolves on Wednesday evening.
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