Paul Lambert, who was appointed in the summer of 2006, told the club's board of directors that he felt it was time to 'hand over the reigns to someone else'. He made his decision after Saturday's defeat at Stockport County in the League Two play-off semi final.

Paul told wwfc.com: 'I am bitterly disappointed that we failed to win promotion, but I leave with my head held high. I've enjoyed every minute of my time at Wycombe and I'm proud to have taken the club to a Carling Cup semi final and to the League Two play-offs.

'This is a great club, but I feel that the time has come for me to move on and I don't have another job to go to. I just feel that this is the right thing to do.

'I want to thank the players for their fantastic efforts this season. They're a first class group of lads who worked incredibly hard for me and never provided a moment's trouble.'

Chairman Ivor Beeks told wwfc.com: 'We are very sorry to see Paul go. He's done a fantastic job in the short time he's been here, but he's made up his mind that he needs to move on and we have to respect that.'

Said managing director Steve Hayes: 'Paul's record speaks for itself. He's one of the most successful managers this club has ever had and he'll be a hard act to follow. He did an excellent job and I want to thank him on behalf of the whole club for everything that he achieved. We wish him all the best for the future.'

Mr.Hayes confirmed that the search for a new manager will begin immediately: 'Obviously this news has taken everyone by surprise, but we intend to move swiftly to appoint Paul's successor. We can't afford to waste any time.'