Darren Ferguson has parted ways with Peterborough United after their defeat at MK Dons on Saturday, the club have confirmed.

After initially being in contention for automatic promotion during the early stages of the season, United's form has tailed off, leaving the club in 15th place in League One.

In a statement, Peterborough chairman Darragh MacAnthony claimed that their current league position and a drop in the standard of performances have led to Ferguson's departure.

He said: "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.

"It has not been our finest 6 months results wise or performance wise as a football team and my remit is to now go out and find a new football manager and coaching staff that will challenge and inspire these players to greater heights and to start fulfilling their potential individually and collectively."

Posh have also parted company with coaches Gary Breen, Gavin Strachan, Jimmy Walker, Stewart England and Marc Lindsey.