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The Premier League club’s board signalled the 50-year-old’s
departure when it approved a payoff, reported by media to be around 3.0 million
pounds, despite agreeing a five-year contract in March last year.

According to the terms of that deal Benitez would have been
entitled to a severance package of around 16.0 million pounds but Liverpool,
burdened by debt and financially impoverished, would have struggled to pay him
off in full.

Benitez could have remained in his job knowing that the board
did not want him there. But a compromise was reached, paving the way for a
possible move into the Inter Milan job vacated by Jose Mourinho after winning
the Champions League with Inter last month.

“Rafa will forever be part of Liverpool folklore after bringing
home the Champions League following the epic final in Istanbul but after a
disappointing season both parties felt a fresh start would be best for all
concerned,” Liverpool chairman Martin Broughton said in a statement on the club
website (www.liverpoolfc.tv) Benitez added: “It is very sad for me to announce
that I will no longer be manager of Liverpool FC. I would like to thank all of
the staff and players for their efforts.

Failures too far

Inter Milan president Massimo Moratti, who said earlier in the
week he rated Benitez but could nothing because the Spaniard was with
Liverpool, told reporters: “There is no news.” Benitez’s departure, after a
hugely successful start at Liverpool in 2004-05 when they won the Champions
League, comes as little surprise after they finished seventh in the Premier
League in the season just ended, their lowest position since 1999.

Liverpool finished second to Manchester United in 2008-09 by
only four points and were expected to challenge strongly for the title again.

But the departure of Xavi Alonso to Real Madrid for 30.0 million
pounds a year ago and injuries that sidelined key striker Fernando Torres for
more than 20 matches unbalanced the side.

They made a poor start to the season with defeats to Tottenham
Hotspur and Aston Villa in their opening three games, and were effectively out
of the title race by the end of October after three defeats in four games to
Chelsea, Sunderland and Fulham.

Their failure to advance from the group stages of the Champions
League last season and their failure to even qualify for the Champions League
next season were ultimately two failures too many for the board to accept.

However, the board did not make it all that easy for Benitez to
succeed either.

The American owners Tom Hicks and George Gillett have restricted his
transfer budget for the last three seasons, and have appeared to have lost
their passion for the club which is up for sale with debts of around 350
million pounds.