Michaelides, who took over three seasons ago, became a popular man in Limassol after he guided the side to third place in two successive campaigns. However, the start to the 2002/03 season has been far from successful for a side who boasted in pre-season that they were aiming for the league title.
UEFA Cup exit
However AEL are currently eleventh in the Cypriot standings and were also knocked out of the UEFA Cup in the qualifying round by Hungarian club Ferencvárosi TC.
No hard feelings
AEL chairman Georgos Frantzis said there was no hard feelings towards Michaelides and added he would always be a friend of the club. Michaelides on his part did not hide his disappointment but also claimed he would remain close to AEL.
Savvas takes over
AEL assistant coach Pavlos Savvas has taken over training sessions at the club but it is expected that a replacement will be found soon.
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