The former Manchester United captain was in charge or less than four months
Valencia have announced that Gary Neville has left the club with "immediate effect" just less than four months after taking charge.
Neville was appointed in early December on a contract until the end of this season, backed by club owner Peter Lim.
The appointment was made with a view to reassessing his position in the summer and to possibly extend his stay, but results have been poor since his arrival.
In a statement today Neville said:
“I want to thank the Valencia Football Club, the fans, the coaching staff, workers and players.
“I would have liked to continue the work I started, but I understand that we are in a business that is based on the results and in 28 games-ten wins, seven draws and 11 defeats they have not been at the level that I demand that requires me and this club. “
Fans began to turn against the former England coach, the latest incident of which was a burning effigy in the crowd.
Valencia sit 14th in La Liga, six points above the relegation zone.
The club have won only three of 16 league matches under his stewardship and exited the Champions League, Europa League and Copa del Rey during his time in charge.
Neville stepped down from his role as a pundit with Sky to take his first managerial job there.
Valencia Football Club have today parted company with Gary Neville as Head Coach.
After careful consideration, the Club have decided to make a change with the best interests of the Valencia CF moving forward this season. We thank Gary for his work at Valencia and wish him the best in the future.
The Club have, today, appointed Pako Ayestaran as Head Coach until the end of the season.
Ayestaran was the Assistant Coach of Valencia Football Club from 2001 to 2004 and helped the Club clinch two La Liga titles and a UEFA Cup trophy. From 2004 to 2007, when he was an Assistant Coach of Liverpool FC, the English club won the 2004/2005 UEFA Champions League, as well as the 2006 FA Cup Final.
As a Head coach Ayestarán was Champion in Maccabi Tel Aviv (winning one league and two Cups) and he train also in México to Santos Laguna and Estudiantes Tecos (Champion of Clausura Tournament).