Town manager George Burley thanked everyone from the board down to the fans in a statement after his seven-year tenure as Town manager was brought to a close. Chairman David Sheepshanks called a press conference at 10.30am to announce the board's decision.
Burley learnt of his demise at a meeting with David Sheepshanks yesterday afternoon at 5pm and rumours had been widespread ever since that he was on his way.
The club, however were remaining tight-lipped until this morning's press conference held by a sombre David Sheepshanks.
The chairman read from a prepared statement (see previous story) and afterwards answered a few questions from jounalists.
He said that the board of directors met yesterday afternoon, the first available opportunity since the defeat at Grimsby and decided that a change had to be made. The decision to remove the manager was a unanimous one.
Burley's statement from the club's site reads: "It was a tremendous opportunity to come back to manage Ipswich Town after 14 years as a player.
"During my eight years as manager of Ipswich Town I have enjoyed some great successes. Most significantly taking the club back into the Premiership, finishing fifth and qualifying for Europe after a 20-year absence.
"I was delighted to be recognised for these achievements with both the FA Premiership Manager of the Year Award and the Managers' Manager of the Year Award.
"I am proud of bringing through some of the best young players in the country such as Kieron Dyer, Richard Wright, James Scowcroft and this season Darren Bent and Darren Ambrose.
"Over that time I have bought players from lower leagues and developed them into regular international players such as Matt Holland and Hermann Hreidarsson, whilst continually having to generate vital income through the transfer market.
"I would like to thank all the board, staff and players for their loyal support and in particular to our fans who have supported me tirelessly throughout my time as manager. It has been pleasing to see supporter levels grow from an 11,000 average in my first season to an average of 25,000 fans today.
"I know Ipswich Town Football Club is intent on returning to the Premiership and I have every faith that they can still deliver this season. I wish them every success and now I am looking forward to beginning a new challenge."
Chairman Sheepshanks said the decision was "incredibly difficult" to make, but said: "The board, as custodians of this football club, it was our responsibility to make a decision at the time we felt was best."
Sheepshanks says that while there are successors in mind, an interview process will take place over the next few weeks. Sheepshanks, describing the Town job as one of the best in the country, says he expects a nunmber of applications.
Caretaker-manager Tony Mowbray will be assisted by Academy Director Bryan Klug in the interim and Sheepshanks says the former skipper is in the running for the job permanently.
The chairman says that moving now gives the new manager: "The maximum amount of time to gain the success and promotion that we believe is still absolutely acheiveable this season."
Sheepshanks says the club will be honouring George Burley's contract, thought to be worth around £500,000-a-year, adding that the club is not in a position to pay out a lump-sum.
The chairman says he and the board now have the biggest decision they they have to make which he says they will look to take as soon as possible, but won't rush: "It will take whatever time is necessary to take, it is an extremely important decision."
Sheepshanks added that both he and Burley were sad that it had come to the point where the decision had to be made as they had worked closely together for the last seven-and-a-half years.
However, results eventually told and although the chairman felt that he himself, the coaches and the players were all responsible, ultimately the buck stopped with the manager.
Burley took the news with "the honour and integrity you would expect from a man like George," according to the chairman.
Burley took over as manager at Town in December 1994 after John Lyall's tenure as manager and director of football had been brought to an end.
Burley's record as Town manager was: Played: 409, Won: 185, drawn: 97 and lost: 127.
TWTD has already heard suggestions that Brian Talbot may be top of the board's list while a number of unemployed bosses may be in the running.
Peter Reid will inevitably be tipped, as will Joe Royle, David O'Leary and perhaps former coach Bryan Hamilton. However, no name really jumps out and it is likely that a long list of candidates will be drawn.
Out of the running is Peter Taylor, incorrectly tipped to join Burley's staff recently. The former Leicester manager has joined Hull City.