Steve McClaren and his deputy Terry Venables have both been sacked by the English Football Association after a unanimous decision by board members during an emergency meeting held earlier today. 
The decision was announced by the FA chief executive Brian Barwick in a press conference held this morning after widespread speculation due to the poor performance of the English national team which last night failed to qualify for the UEFA Euro 2008 competition.  The cost of removing him from his post is thought to cost £2.6 million.
According to a study by the Centre for Economic and Business Research, missing out on Euro 2008 could cost the British economy as much as £1 billion. 
The recruiting process has already started to find the next manager for the team, only 18 months after 46-year-old McClaren was given the role.  During the press conference the FA admitted that not qualifying for the competition was "embarrassing".

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English Football Association sacks national team manager Steve McClaren