Olympiacos CFP have parted company with coach Ernesto Valverde just six days after completing the domestic double in Greece, the club being unable to agree terms on a contract extension with the 45-year-old.
The champions made a statement on Friday confirming the news. "After Ernesto Valverde did not accept Olympiacos's offer of an extension of their current agreement, the club decided not to renew their proposal and gave their thanks to Valverde for his contribution. The club will decide on the new coach by the end of May."
The Spaniard was appointed by Olympiacos a year ago and led the Piraeus outfit to league and cup triumphs. The Reds did not qualify for the UEFA Champions League group stage this season, however, after being eliminated in the third qualifying round by Anorthosis Famagusta FC 3-1 on aggregate. They subsequently advanced to the UEFA Cup Round of 32, where they suffered home and away defeats by AS Saint-Etienne.
Valverde's departure means Olympiacos will appoint a new man at the helm for the 18th time since Sokratis Kokkalis took over as owner in 1993, with 15 different coaches having served on the Greek champions' bench – Dušan Bajević, Panagiotis Lemonis and Nikos Alefantos all enjoying two spells.
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