Peterborough United manager Darren Ferguson has left the club after Saturday's defeat to MK Dons.
Posh have won just one of their last five matches in the league.
In a statement on the club website chairman Darragh MacAnthony said he was "very disappointed" with recent results.
I’m personally very disappointed in our current league position, the performances from our playing squad and the fact that we have dropped way below our own standards that we set out at as a football club. There is plenty of young and experienced talent in this squad and with 14 games left in the season, I have personal expectations that our players will all lift their performance levels to match the incredible passionate performance and display by nearly 2000 Posh fans today when we were 3-0 down at Stadium MK.
Dave Robertson will be in charge until a new manager is appointed.
Peterborough United boss Darren Ferguson is inviting supporters to a special forum at the ABAX Stadium tonight.
The manager says he understands fans are frustrated with their poor form and wanted the chance to answer their questions directly in an honest and open way.
"We are going through a really difficult time at the minute, but it is vital that everyone sticks together during this period.
I understand that the supporters are frustrated and I felt it was a good time to have a forum where supporters can put their point of view directly to me and for me to answer those questions in an honest and open way."
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Peterborough United manager Darren Ferguson has signed a new three-year contract with the club.
Posh missed out on promotion via the League One play-offs last season but Ferguson did guide them to success in the Football League Trophy at Wembley.
Meanwhile, Assistant manager Kevin Russell is leaving London Road.
Gavin Strachan has been promoted to first team coach as part of a management restructure.
Peterborough United have missed out on a Wembley final as they lost 3-2 on aggregate to Leyton Orient in their League Two play-off semi-final.
The two sides were tied 1-1 after the first leg, but Leyton Orient went 2-0 up on the night with goals from Dean Cox and Chris Dagnall.
A late goal from Connor Washington for Peterborough meant a nervous end for the home side, but they held on despite pressure.
Peterborough United's players have been raising money for a hospice run by the Sue Ryder Foundation, by working in a restaurant.
They got involved with the cooking and serving customers, many of whom were happy with the service.
Peterborough United Darragh MacAnthony has launched a remarkable rant on Twitter, saying he's "bored" of his team's performances.Read the full story ›
Peterborough United have broken their transfer record to land highly-rated striker Britt Assombalonga for Watford.
Posh have officially paid an undisclosed fee for the 20-year-old, but chairman Darragh MacAnthony confirmed on his personal twitter account that the fee exceeded the amount paid for Tyrone Barnett back in 2012.
Assombalonga, who enjoyed a successful spell on loan with Southend United last season, has signed a four-year contract at London Road.
United manager Darren Ferguson told the club's official website that Assombalonga could be a star of the future.
"We identified him, we have had him watched, he did very well at Southend and Watford thought very highly of him.
"He has a lot of potential the boy, he is strong physically, good pace, good finisher and a really nice lad. He ticks all of the boxes. He has improvement in him, but I don't think people will be too surprised, because it fits our criteria."
Nottingham Forest manager Alex McLeish has moved to deny rumours that he is resigning after chairman Fawaz Al-Hasawi blocked Peterborough winger George Boyd's transfer two hours before the transfer deadline due to a failed eye test.
Boyd had reportedly agreed terms with Forest and passed a medical after a £500,000 fee was accepted but then failed an eye test.
But according to the club's website McLeish insists he is looking forward to his return to St Andrews against Birmingham.
The Scot caused controversy when he moved across Birmingham to rivals Aston Villa.