Another managerial departure confirmed among one of the Championship's relegation threatened sides

The 50-year-old departs London Road following Saturday’s 1-0 defeat to relegation rivals Derby County.

The result leaves Posh second from bottom in the Championship and five points from safety.

Ferguson, who won four promotions during three spells with Peterborough, only signed a new three-and-a-half year contract back in November.

“Myself and my two partners regard Darren as one of the greatest managers of this football club, most certainly in the modern era,” co-owner Darragh MacAnthony said in a statement.

“The success we have enjoyed with him at the helm has been unrivalled and he will always be described as a legend by myself and my partners.

“I want to personally thank him for all his hard work on behalf of the club, particularly in his third spell when he dealt with the unquestionable frustration at the season being cut-short due to Covid-19 and then responding by securing promotion the following season against all the odds.

“The financial constraints he had to work under due to the impact of no supporters inside the stadium was something that nobody could have foreseen and he dealt with that in such an admirable and methodical way.

“He created a working environment that the players enjoyed despite the restrictions and he deserves enormous credit for that and the success we enjoyed.”

Ferguson led Posh to promotion from League One last season, where they were joined by Blackpool and title winners Hull City.

But Peterborough are without a win in their past nine Championship matches and defeat at Derby saw them drop below the Rams in the table.

The club are yet to confirm who will take charge of the team before their next match at Championship leaders Fulham on Wednesday.

Ferguson issued a statement through the League Managers Association saying he had come to the decision after "serious consideration".

"After working tirelessly and winning promotion to the Championship, I genuinely hope that the club can find a way to remain there," the former Preston boss said.

"I would like to express my respect for Darragh MacAnthony, who has shown endless support and commitment to Peterborough United throughout the years.

"I'm sure the fans will continue to get behind him and the new management no matter what the position of the club is."

Ferguson’s resignation comes after another of Peterborough’s relegation rivals Reading sacked manager Veljko Paunovic on Saturday.

The announcement came just after the Royals had beaten Preston 3-2 at Deepdale.

Former Blackpool boss Paul Ince, whose son is on loan with Reading, has taken interim charge.

He will be back in the dugout at Bloomfield Road on Saturday as the Seasiders take on his Reading side, who sit just five points ahead of Derby.

​Thanks for reading. If you value what we do and are able to support us, a digital subscription is just £1 for your first month. Try us today by clicking here