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Tranmere Rovers have confirmed they've terminated the contract of manager Rob Edwards.
The Prenton Park club suffered their seventh loss of the season when beaten by Plymouth on Saturday.
In a statement on their website, Rovers chairman Mark Palios said: “Rob is a decent man who has worked very hard over the past few months for the Football Club.
“However, with the club currently sitting at the bottom of League 2 for the first time in 32 years it was decided this was the right time to make the break."
Former Tranmere Rovers player Mark Palios and his wife Nicola have confirmed they are taking over control of the club.
Mark Palios made over 280 appearances at Prenton Park before later becoming Chief Executive of the Football Association. He will become Executive Chairman while his wife Nicola, a commercial lawyer, will become vice-chairwoman.
Mark Palios said: “We are both aware of what a privilege it is to have the opportunity to become involved with this Club, but it is important that we pay tribute to the support that Peter Johnson has given over many years.
“All Tranmere fans are well aware of his massive contribution to the Club, a support that is ongoing, and in order to mark his dedication and support we will be consulting with our fans on the best way to do that.
“There is a big job to be done to get the Club back in the higher divisions and get the facilities back up to scratch. In the coming weeks and months we will share with you our plans on how we intend to make it happen.
“We have no illusions about the difficult environment in which lower league clubs operate but we have exciting ideas to ensure Tranmere thrives in the future as a successful and vibrant community club which is capable of sustaining itself without being reliant on a benefactor.
“My playing days for the club were fantastic, my manager was the legendary and inspiring figure John King and I hope that we can bring some of his spirit, determination and personality back into the Club.”
Nicola Palios said: “Peter Johnson has shown incredible generosity to Tranmere over many years, and particularly by writing off his past loans to give a solid financial base for the upcoming season. We aim to reward his loyalty by ensuring the Club’s legacy for the future.
“Mark always told me that Tranmere Rovers was a warm, friendly, family club and that is exactly what I have found since we first started talks with Peter. I am sure the coming weeks, months and years will be challenging, exciting and ultimately successful.”
Current Chairman whilst Peter Johnson, who brokered the deal, will remain a shareholder, director and become the Club's Honorary President.
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Edwards, who also played for Carlisle, Bristol City and Blackpool, said: "I'm ready to put into practice the skills I've learned from 25 years in the game that has seen me work with, and learn from, some superb managers and excellent players.
"I believe I can develop a team at Tranmere Rovers the whole club and the whole of Wirral can be proud of.
"My aim is to make sure we are challenging at the top end of the table, as well as setting up a structure to produce more home grown players.
"I'm looking to move the club forward with an attacking brand of high-energy football and I can't wait to get started."
Tranmere chief executive Jeremy Butler said Edwards filled all the criteria they were looking for in a new manager.
"Our aim was to find a young, hungry manager with the drive to lead Tranmere Rovers forward," Butler said.
"We want a manager capable of winning promotion but also one able to improve our current bright young talents, as well as putting in place a pathway to bring through more players from our Academy."
Rovers confirmed that McMahon will continue in his role as assistant manager.
Tranmere Rovers have appointed Rob Edwards as their new manager, the Sky Bet League Two club have announced.
The 41-year-old Edwards is the permanent successor to Ronnie Moore, who was suspended by Rovers in February after being charged by the FA for breaching betting rules and then sacked last month after pleading guilty.
When Moore was suspended Tranmere were four points above the drop zone, but under the caretaker care of the 61-year-old's assistant John McMahon they won only four of their final 15 games and were relegated to League Two for the first time since 1988/89.
Edwards is the man tasked with trying to lead Rovers back out of the bottom division, with Tranmere announcing that the former Wales international had rejected a position with a top-flight club to take the job.
A Tranmere statement read: "Tranmere Rovers have appointed former Welsh international Rob Edwards as their new manager.
"Edwards, 41, recently left Exeter City and has turned down a job at a Premier League club to take charge at Prenton Park.
"The former Preston defender was assistant manager at Exeter City where he played a key role as the club won successive promotions from the Conference to League One."
Former Tranmere manager Ronnie Moore has been handed a one-month suspended ban and fined £2,000 by the FA.Read the full story ›
Tranmere's caretaker manager John McMahon says it's a 'massive' game for his team as they battle for survival in League One.
Rovers face Bradford while a win for Crewe against Preston will guarantee their safety.
In the Championship Blackpool should be safe but a point from their game with Charlton will make certain they don't go down.
Tranmere Rovers have released a statment after sacking manager Ronnie Moore.
"Tranmere Rovers Football Club have today terminated the employment of Ronnie Moore for being in breach of his contract.
Moore has admitted an FA charge regarding multiple breaches of Rule E8(b) for misconduct in relation to betting and requested a personal hearing.
Football Operations Director and Club Secretary Mick Horton said: 'Tranmere Rovers will not tolerate any action that damages the integrity of this Football Club.'Any staff members found to be guilty of misconduct will face severe action.'"