"The directors of Newcastle wish to place on record their thanks for the way in which Sir Bobby has worked tirelessly over the past five years to try to bring success to the club.
"There is no hesitation by the club in recording its sincere appreciation for the way in which Sir Bobby has handled team affairs during that five-year spell which has seen a significant turnaround in the club's fortunes.
"The club agreed early in 2003 to extend Sir Bobby's contract by one further season. However after careful consideration the club decided it was in the best interest of all concerned to revisit that decision.
"The club continues to have the greatest respect and admiration for Sir Bobby and his lifelong achievements both at home, abroad and particularly at the club he has supported since a boy, his beloved Newcastle.
"He leaves having remodeled the Newcastle team with many young players who are admired and coveted across the UK and Europe. The club will no doubt continue to benefit from the knowledge and experience he has given during his time here."
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