In a statement on Wednesday, the club said: “Valencia Football Club have today parted company with Gary Neville as Head Coach.
“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.”
Ayestaran was the assistant coach at the club from 2001 to 2004, and helped the team clinch two La Liga titles and a UEFA Cup trophy.
From 2004 to 2007, when he was an assistant coach at Liverpool FC, the English club won the 2004/2005 UEFA Champions League, as well as the 2006 FA Cup Final.
As head coach, Ayestarán was Champion in Maccabi Tel Aviv, winning one league and two Cups.
Appointed on December 2, 2015, Neville failed to win any of his first nine La Liga matches; and although there was a mini-revival of sorts in the Europa League, the club subsequently crashed out of it, as well as the Europa League.
Valencia have lost their last three matches in the league, and are 14th in the Spanish top flight, just six points clear of the relegation zone.
After retiring from football, Neville worked as a pundit on Sky Sports, continued his role as an assistant coach with the Three Lions even while in Valencia.
“I would like to thank Valencia Football Club, the fans, staff and the players,” he said in a statement after his sacking.
“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.”
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