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Valencia have sacked Gary Neville after less than four months in charge.
Neville was appointed as head coach in early December on an initial six-month contract, but he failed to turn the club's fortunes around, winning just three of his 16 La Liga matches.
Valencia are currently 14th in La Liga, six points above the relegation zone, while the club have also exited the Champions League, Europa League and Copa del Rey during his brief spell at the helm.
“Valencia Football Club have today parted company with Gary Neville as Head Coach,” the club said in a statement.
“After careful consideration, the Club have decided to make a change with the best interests of the Valencia CF moving forward this season. We thank Gary for his work at Valencia and wish him the best in the future.
"The Club have, today, appointed Pako Ayestaran as Head Coach until the end of the season.”
Neville added: "I would like to thank Valencia Football Club, the fans, staff and the players. I would have liked to have continued the work I started but understand that we are in a results business and in the 28 games they have not been to my standards or to those which are required by this Club."