Inter Milan coach Antonio Conte ended his contract a year earlier, just days after leading the club to their first Serie A title in 11 years.
Conte, who joined Inter Milan in May 2019, agreed to leave after Italian media said he was not happy with plans to cut investments and cut costs.
The club’s cost-cutting measures were due to the financial impact of the COVID-19 pandemic.
“FC Internazionale Milano can confirm that an agreement has been reached with Antonio Conte for the termination of his contract by mutual consent,” read a statement from the club.
“The club will want to thank Antonio for the extraordinary work he did, culminating with Inter Milan’s 19th top-flight title.
Antonio Conte will forever be a part of our club’s history.
The 51-year-old’s ambitions to improve his squad were at odds with the club’s financial situation.
Inter Milan are said to be looking to cut payrolls by 15-20% and earn € 70-100m from player sales before next season.
Conte was not convinced by the plans, which include the possible sale of a key player.
Inter will also hand the coach a severance package of around seven million euros ($ 8.53 million).
Former Juventus coach Massimiliano Allegri and current Lazio coach Simone Inzaghi have been named in Italian media as potential successors.
“Besides the professional side, where the daily work was incredible, I will miss the human side of a large group,” Inter Milan vice-president Javier Zanetti wrote on Instagram.
“Always together, united, with our heads towards the goal for the good of Inter Milan, despite all the difficulties.
“I wanted to thank you from the bottom of my heart for everything you have done for us, for Inter Milan, where you will not be forgotten and where you have written another page in our long and extraordinary history.
Speculation over Conte’s future has been rampant for months due to financial woes facing the club and its owners, Chinese retail giants Suning.
Suning shut down Chinese Super League champions Jiangsu FC, which they also owned, in February.
This month, Inter Milan president Steven Zhang called on players and staff to forgo two months’ salary, but it was rejected.
The club have since secured 275 million euros ($ 336.35 million) from Oaktree Capital Management to help balance the books.
Inter Milan made high profile signings of players like Romelu Lukaku, Christian Eriksen and Achraf Hakimi during Conte’s tenure and their arrivals have boosted the club to great success.
“In 2014, we spoke for the first time and we’ve had a bond ever since,” Lukaku wrote on Instagram.
“We have had many times to work together, but God only knows why it never happened sooner.
“You came at the right time and you fundamentally changed me as a player and you made it even stronger mentally and more importantly we won together!”
“Winning is and is all that matters to you and I’m happy to have had you as a coach.
“I will keep your principles for the rest of my career (physical and mental preparation and just the desire to win…) it was a pleasure to play for you!”
Conte staged a superb domestic campaign for Inter Milan, finishing the Serie A title with four games to lose and accumulating 91 points.
It was the second highest total in club history after the 97 they amassed in 2006/2007.
Inter Milan were only fourth for eight years before Conte’s arrival and ended the 2018/2019 season 21 points behind champions Juventus.
But Conte made an immediate impact in his debut season, leading the club to second in Serie A, closing the gap with Juve to one point, and in the Europa League final, where they lost to Sevilla. .
They fared better in 2020-2021 as Conte’s side blown the competition domestically to end Juventus’ nine-year stranglehold on the league crown and finish 12 points ahead of the closest competitors, Milan.
The coach has built a balanced squad pulled by goals from striking partners Lukaku and Lautaro Martinez and led by a mid-defense who conceded 35 goals at the lowest in the league.
The feat also saw Conte, a three-time Scudetto winner as Juventus coach between 2011 and 2014, become the first coach to earn 90 points or more.
He did so with two different teams in Serie A since three points for a win were introduced in 1994.
However, they disappointed in the UEFA Champions League, finishing last in their group and winning one of their six matches.
