Leeds United have announced that manager David O'Leary has left the Premiership club by mutual consent.

The former Arsenal and Republic of Ireland defender joined the club four years ago and had spent millions in search of success including a staggering £18million on Rio Ferdinand.

But today the Elland Road club shocked British football by announcing that O'Leary and the club have parted company.

The club published a statement today on chairman Peter Ridsdale's behalf, which read: "Leeds United PLC today announces that David O'Leary, manager of Leeds United Football Club has left the company by mutual consent.

"After four successful years the pressures of some of the off-field incidents have resulted in both the company and Mr O'Leary agreeing that it would be of mutual benefit for a change of manager.

"It is hoped that an announcement regarding a successor can be announced in the next few weeks.

"Leeds United would like to place on record its thanks for David's enormous contribution over the last four years."

The shock news follows O'Leary's insistence that he wanted to keep star defender Ferdinand despite a brilliant World Cup which has seen Manchester United repeatedly linked with a £30million-plus move for the former West Ham man.

The club's financial troubles have been well publicised of late with Ridsdale revealing that O'Leary must make a £15million profit on summer deals following O'Leary's failure to take the Yorkshire club into the Champions League last season.

Ferdinand, however, is not the only name that has been linked with a move from Elland Road.

Lee Bowyer, Danny Mills, Mark Viduka, Harry Kewell, Robbie Keane and Olivier Dacourt have also been the subject of speculation linking them with moves elsewhere.

Last season United finished a disappointing sixth but still qualified for a Uefa Cup place. It followed a highly successful Champions League campaign which led many experts to tip O'Leary to succeed Sir Alex Ferguson as the manager of Manchester United.