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Manchester City has fired coach Roberto Mancini following the team's failure to defend the Premier League title and shocking defeat to Wigan in the FA Cup final.
"Despite everyone's best efforts, the club has failed to achieve any of its stated targets this year, with the exception of qualification for next season's UEFA Champions League," Manchester City said in a statement.
"This, combined with an identified need to develop a holistic approach to all aspects of football at the club, has meant that the decision has been taken to find a new manager for the 2013/14 season and beyond," the team added.
Mancini's firing came exactly one year since City won its first Premier League title in 44 years. He also carried the team to an FA Cup win in 2010, one year after joining City.
However, it was downhill from there for Mancini as City became the first English side to fail to win any of its six matches during the group phase of the Champions League.
A loss to Wigan and an expected second-place finish in the Premier League added to Mancini's woes, forcing the team to make the coaching change even before the season ends.
City has designated assistant manager Brian Kidd to oversee the team's remaining two games and the club's post-season tour to the United States before a permanent manager is appointed.
Meanwhile, Malaga manager Manuel Pellegrini denied that he will occupy the position vacated by Mancini.
"I categorically deny I am the new Manchester City coach, nothing has been signed and no agreement reached," said Pellegrini, who led Malaga to the quarterfinal of the Champions League.
"I've been fortunate enough, and am very proud, that every year the big clubs are interested in me. I have an agreement with Malaga not to talk to anyone and nothing has been agreed with any other outfit," he added.