Florentino Perez appeared in a press conference to reveal the Board's decision about the Italian. He refused to comment about who could be appointed as his successor.

Florentino Perez made official the news that had been surrounding the club ever since the team was eliminated from the Champions League finals: Carlo Ancelotti has been sacked as Real Madrid's head coach. Los Blancos' president revealed that the Board of Directors decided to terminate the manager's contract, which ended in 2016. Not being able to deliver any major trophies during his second year as manager was the main cause for his dismissal.

"I want to thank Ancelotti for his hard work during the past two years. Unfortunately, the Board has decided to end his contract with the club. Ancelotti will alwas be on our thoughts, being the coach that gave the team 'La Décima'. We believe that it's time to give a new impulse to the team, so we can reach the level of exigence this club is used to deliver," Perez revealed in a press conference.

Real Madrid's president revealed that the name of the new coach will be revealed next week, and even though he did not say who could be taking the job, he hinted which coaches can be left out of the race to coach Los Blancos.

"It would be ideal if the next coach spoke Spanish. We will unveil the new manager during the course of the next week," Perez added.

Ancelotti coached the current UEFA Champions League holders for two seasons, winning the European tournament last year, as well as the Copa del Rey. This year, the Italian was not able to re-validate any of those trophies, and ended up finishing second in La Liga, two points behind Barcelona. 

Perez also shared his thoughts about some players like Cristiano Ronaldo and Luka Modric supporting their former boss, denying any influence in the Board's decision.

"We know that they love him very much because he is a wonderful human being. They have been working with him for two years, and it's perfectly normal for them to develop a great relationship. But we have to understand that the level of exigence is high, and this decision had to be made," Perez concluded.

Rafa Benitez, Jurgen Klopp and Unai Emery have been rumored to be in line to become Real Madrid's new manager.