"Following discussions between Rafael Benitez and Pako Ayestaran, it has been agreed that it would be in the best interests of all parties if Pako leaves his post as assistant manager. Pako, however, will remain under contract to us until next summer," said Chief Executive Rick Parry.
"The club want to thank Pako for his hard work and contribution to our success over the past three years."
Ayestran will not be allowed to join any other club this season as he remains contracted to the Reds until June 30th 2008.
