LONDON (AP) — Rafa Benitez’s eventful reign as Liverpool manager came to a grinding but inevitable halt yesterday when the club decided to seek a fresh start after a season of failure and the Spaniard became the leading target for European champions Inter Milan.

Mired in debt and with owners who are struggling to sell the famous five-time European champions, Liverpool now set out to find someone capable of getting the club back into contention for an English title they have not won since 1990.

Benitez, who led the club to a memorable Champions League triumph in 2005 but wound up trapped in a web of ownership strife at Anfield, is now free to talk to Inter Milan, who won that trophy two weeks ago and then said farewell to coach Jose Mourinho.

Benitez, the 50-year-old Spaniard, said he was sad to be leaving Anfield, despite leaving the team in seventh place in the Premier League and with no title for four seasons.

“It is very sad for me to announce that I will no longer be manager of Liverpool FC,” he said in a statement released by the club. “I would like to thank all of the staff and players for their efforts.”

He said he would always remember the support he received from the Liverpool fans.

“I’ll always keep in my heart the good times I’ve had here, the strong and loyal support of the fans in the tough times and the love from Liverpool. I have no words to thank you enough for all these years and I am very proud to say that I was your manager.

“Thank you so much once more and always remember: You’ll never walk alone.”

Liverpool chairman Martin Broughton said that a poor team performance in the season just ended had meant Benitez had to go.

“Rafa will forever be part of Liverpool folklore after bringing home the Champions League following the epic final in Istanbul, but after a disappointing season both parties felt a fresh start would be best for all concerned.”

Firing Benitez would have left Liverpool to pay an expected £16 million ($21 million; euro19 million) in compensation for almost four years left on his contract. If he had quit he would not have been entitled to anything.

According to reports, however, he ends his six-year stay with a £6 million ($8.8 million, euro7.2 million) payout after negotiations between the club and his agent.

Benitez moved to Liverpool in 2004 after leading Valencia to two Spanish league titles and the UEFA Cup, and he had an amazing start at Anfield.