League Two rivals Doncaster Rovers sack manager - with ex-Hartlepool United boss Graeme Lee mentioned as potential successor
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The loss left Rovers 12th in the table with 21 points from 14 matches, three points outside the play-offs as they seek an immediate return to League One.
But in a statement, the club’s board indicated the decision to remove former Rovers player McSheffrey – appointed as manager last December – and his assistant Steve Eyre was about more than just results.
Chairman David Blunt said: “While results so far in Sky Bet League Two have been largely positive, there has been a growing concern over the standard of performances in matches and a lack of progress between games.
“We feel this is threatening our ability to achieve our stated goals for the season.
“We have also been disappointed that our wishes for a particular style of play and overall identity, which were clearly laid out over the summer, have not been brought into effect in competitive matches.
“These factors have combined to lead us to take this difficult decision to relieve Gary and Steve of their posts.”
Head professional development phase coach Chad Gribble and youth development phase transition coach Paul Green will take temporary charge of first team affairs, but Blunt added that the process of replacing McSheffrey was “well underway”.
“We expect to conclude interviews this week with an appointment to be made soon afterwards,” he said.