HAMBURG, Germany — Hamburger SV parted ways with sports director Frank Arnesen by "mutual agreement" with immediate effect Wednesday.
The Bundesliga club announced both parties agreed to end their partnership after a majority of the club’s board failed to back the Dane for a contract extension late Tuesday.
Hamburg said on its website that the decision was based on financial considerations and differing views for the club over the long term, adding that the "sporting performance of our team this season is a success of his work."
Hamburg finished seventh in the Bundesliga, just missing out on European qualification.
Ex-Hannover sporting director Joerg Schmadtke and former Wolfsburg, Bayern and Schalke coach Felix Magath are possible candidates to replace Arnesen.
The 56-year-old Arnesen joined Hamburg in 2011, signing a three-year deal after fulfilling a similar role at Chelsea, which he joined from London rival Tottenham in 2005.
Hamburg, the only side to have played every season in the top division since the Bundesliga was formed in 1963, was close to relegation in Arnesen’s first season when he was forced to coach the side briefly after Michael Oenning was fired.
The last season was better for Hamburg but frustrating nonetheless, with home and away wins over Borussia Dortmund offset by a humiliating 9-2 loss at Bayern Munich.
Arnesen is a former Danish international who played for Ajax, Valencia, Anderlecht and PSV Eindhoven. He won the European Cup in 1988 with PSV.
His managerial career began in 1991 as assistant coach to Bobby Robson at Eindhoven. He rose to sporting director of the club in 1994, staying for 10 years before beginning his career in England.
