Liverpool manager Kenny Dalglish paid the price for a disappointing season on Wednesday when he was sacked by the club's Fenway Sports Group owners. The Scot is a legend at Anfield for his actions both on and off the playing field.
(CNN) -- Kenny Dalglish's name is synonymous with Liverpool, one of England's most successful football teams, but after a disappointing second spell in charge as manager he has been sacked by the club's American owners.
Liverpool confirmed Wednesday Dalglish has been relieved of his duties by Fenway Sports Group, headed by John W. Henry, who also owns baseball's Boston Red Sox.
Dalglish won the English League Cup in February but despite huge outlay on players before the start of this season, his side struggled in the Premier League, finishing in eighth place -- their worst return for 18 years.
A statement on the club's official website read: "Fenway Sports Group (FSG) and Liverpool Football Club announced that Kenny Dalglish is to leave his post today as manager after having his contract terminated.
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"After a careful and deliberative review of the season, the club came to the decision that a change was appropriate. It is not a decision that was reached lightly or hastily.
"The search for a new manager will begin immediately."
Liverpool's 2011-12 campaign was punctuated by controversy. Striker Luis Suarez was handed an eight-game ban by the English Football Association for racially abusing Manchester United's French defender Patrice Evra.
Dalglish and Liverpool's players wore t-shirts in support of the Uruguayan, who maintained his innocence, but the club were forced to apologize when the striker refused to shake Evra's hand before Liverpool's game at Old Trafford in February.
The Scot's relationship with the media became increasingly fractious and he walked out of several post-match interviews towards the end of the season.
Liverpool narrowly failed to secure a cup double earlier this month, losing 2-1 in the FA Cup final at Wembley by Chelsea, and then lost the final game of the season at Swansea.
Despite his sacking, Dalglish said it had been an "honor and a privilege" to manage the club again.
He said: "Of course I am disappointed with results in the league, but I would not have swapped the Carling Cup win for anything as I know how much it meant to our fans and the club to be back winning trophies.
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"Whilst I am obviously disappointed to be leaving the football club, I can say that the matter has been handled by the owners and all concerned in an honorable, respectful and dignified way and reflects on the quality of the people involved and their continued desire to move the football club forward in the same way as when they arrived here.
"I would like to thank all of the staff at the club for their effort and loyalty. I said when first approached about coming back as manager that I would always be of help if I can at any time and that offer remains the same.
"Finally, I want to put on record my heartfelt gratitude to Liverpool's fans, who have always given me and the club their unwavering support. Without them neither the club nor I would have achieved anything."
Dalglish first joined Liverpool as a player in 1977, winning six league titles and three European Cups. He became player manager in 1985 and led the club to a league and FA Cup double in his first season.
Two more league championships followed before he resigned in 1991, two years after the Hillsborough disaster in which 96 Liverpool fans were killed at an FA Cup semifinal.
He returned as an ambassador in 2009 and helped coach Liverpool's young players. He was appointed manager for the second time when the club removed Roy Hodgson, now the England manager, in January 2011.
Dalglish oversaw an sharp upturn in fortunes as he led Liverpool away from the lower reaches of the Premier League, eventually finishing sixth, having spent big on striker Andy Carroll in January.
Several more players arrived in expensive deals over the summer but have failed to make their mark at Anfield.
Winger Stewart Downing, signed for a reported $31 million, failed to score or provide an assist in 36 Premier League games -- but has still been named in England's squad for Euro 2012.
Liverpool's owner John Henry said: "Kenny will always be more than a championship-winning manager, more than a championship-winning star player.
"He is in many ways the heart and soul of the club. He personifies everything that is good about Liverpool Football Club. He has always put the club and its supporters first. Kenny will always be a part of the family at Anfield.
"Our job now is to identify and recruit the right person to take this club forward and build on the strong foundations put in place during the last 18 months."
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As a player, Dalglish helped Liverpool clinch European Cup glory on three occasions. The last was in 1984, when Liverpool defeated Roma on penalties in the Italian capital.
Dalglish's first spell as Liverpool manager was between 1985 and 1991, including a period as player manager. He guided the team to three First Division titles and two FA Cup triumphs, including a league and cup double in 1986.
After Roy Hodgson was sacked as Liverpool manager in January 2011, the club's supporters were granted their wish as Dalglish returned to the Anfield dugout.
Dalglish spent heavily on his return to management, splashing out on players such as Luis Suarez (R), Stewart Downing and Jordan Henderson. His most eye-catching piece of business was the signing of striker Andy Carroll (L) from Newcastle United for a British record transfer fee.
Suarez was central to one of the lowest points of Dalglish's return. The Uruguay striker was banned for eight matches after being found guilty of racially abusing Manchester United's Patrice Evra in October 2011. Liverpool and Dalglish were criticized for their public backing of Suarez.
Against the back drop of a disappointing league campaign, Dalglish guided Liverpool to their first trophy in six years by beating second-tier Cardiff City on penalties in the League Cup final.
Liverpool also reached the final of the FA Cup, but they were defeated 2-1 by European Champions League finalists Chelsea. Dalglish's final game in charge was a 1-0 defeat to Swansea, which condemned Liverpool to their worst ever Premier League season.
Premier League side Liverpool were shocked when Welsh team Cardiff took a first-half lead through English midfielder Joe Mason.
Liverpool eventually equalized in the second half, when Slovakia defender Martin Skrtel turned a low shot into the net from a corner. The score was level at 1-1 after 90 minutes, forcing the match into extra time.
Substitute Dirk Kuyt thought he had won the match for Liverpool when he found the back of the net with 12 minutes to play.
But Cardiff refused to lie down and made it 2-2 with two minutes left in extra time when defender Ben Turner squeezed the ball over the line to force a penalty shootout.
Liverpool made the worst possible start to the shootout when captain Steven Gerrard saw his kick wonderfully saved by Cardiff goalkeeper Tom Heaton.
But Liverpool rallied and Gerrard's cousin Anthony had to score to keep Cardiff's hopes alive -- but he rolled his penalty wide.
While Anthony Gerrard reflected on his miss, Steven lifted Liverpool's first trophy since winning the 2006 FA Cup.
Chelsea's caretaker manager Roberto Di Matteo is thrown into the air in celebration by his players after their 2-1 victory against Liverpool at London's Wembley Stadium.
Liverpool came from 2-0 down and thought the scores had been leveled late in the match, but Chelsea goalkeeper Petr Cech made a desperate save from Andy Carroll's header underneath the crossbar.
Drogba celebrates after doubling Chelsea's lead, following up a first-half goal by Ramires. Both players scored in the Champions League semifinal matches against Barcelona.
Liverpool and Chelsea fans enjoy the atmosphere prior to the final. A lack of train services due to Monday's public holiday meant that Liverpool fans faced a long trip home after the match.
Fabrice Muamba attended the match, which was played less than two months after he collapsed on the pitch after suffering cardiac arrest in his team Bolton's FA Cup quarterfinal against Tottenham.
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