Liverpool terminated the contract of manager Brendan Rodgers on Sunday, just eight games into the Premier League season with the five-times European champions languishing in 10th place.
The announcement came three hours after the team had drawn 1-1 at Everton in the Merseyside derby leaving them with only three wins from their first eight league games this term.
"Although this has been a difficult decision, we believe it provides us with the best opportunity for success on the pitch," the club's owners said in a statement.
"Ambition and winning are at the heart of what we want to bring to Liverpool and we believe this change gives us the best opportunity to deliver it.
"The search for a new manager is under way and we hope to make an appointment in a decisive and timely manner."
