Sergio makes Hearts exit
Scottish Premier League,
Hearts have announced they have parted company with Paulo Sergio after the Portuguese boss rejected the offer of a new contract.
The 44-year-old, who led Hearts to Scottish Cup glory in May, said he "deeply regretted" that he would not continue his career at Tynecastle.
"I appreciate the road the club is now going down and respect what our board is doing. But I cannot accept the offer the club has made me," Sergio said.
"I wish the very best to this great football club and I am now just one more Hearts supporter."
Hearts have started their search for Sergio's replacement after he took over from Jim Jefferies in August 2011.
"We wanted to keep Paulo Sergio at Hearts and made what we believed was our best offer in the circumstances," a club statement read.
"The same terms will be available to other candidates willing to lead Hearts to new victories."