Waterford have parted ways with manager Keith Long following Friday’s 4-0 defeat to Sligo Rovers at The RSC.
Long guided Waterford into the Premier Division in 2023 before finishing seventh last year.
However, a six-match losing streak has prompted the multi-club ownership to release the 51-year-old former Bohemians manager.
“I’d like to thank Keith for his efforts and commitment over the past two years at Waterford,” said Jamie Pilley, whose family also owns English League Two side Fleetwood Town.
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“He will be fondly remembered by all at the club for his role in returning the club to the Premier Division and this decision wasn’t one which was taken easily.
“However, the recent run of results meant it necessary for a change. We now plan to take our time to ensure we find the right man to move the club forward.”
Waterford sit eighth in the table on nine points after 10 games, just two points clear of Sligo and Cork City in the relegation zone.
It remains unclear who will fill the manager’s position for Monday’s game against Cork at Turners Cross.