Valencia has sacked president Anil Murthy after leaked audio recordings and the Spanish club's initial defence of his actions tarnished their reputation, the LaLiga side said on Monday.
Spanish newspaper Superdeporte had published audio of Murthy speaking at a work dinner where he allegedly described Liverpool and Newcastle as "shit" cities while also threatening to vilify Valencia players in the media if they forced an exit.
The club had initially released a statement earlier this month which said Superdeporte had looked to "distort reality" while Murthy described it as a smear campaign. But the club have now changed their tune.
"The board of directors of Valencia CF wish to address recent events which have regrettably affected the club's relationship with fans, government authorities and the community," the club said in a statement.
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"The board would like to clarify that the content of the leaked conversations between Anil Murthy and various third parties are the personal views of Anil Murthy and not of Valencia CF. Valencia CF disassociates itself from his views.
"The board hold the view that a change in leadership is required, in order to regain the trust of the fans and the community... Effective immediately, Anil Murthy will cease to be both President and an employee of Valencia CF."
Valencia added that Sean Bai, the director of the club's academy, has been appointed as acting Director-General on an interim basis as it looks to appoint a permanent replacement.
Valencia finished ninth in LaLiga this season, failing to qualify for any European competition for a third straight season.
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