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Championship side Wolves have sacked head coach Kenny Jackett.

The Molineux side were taken over by Chinese conglomerate Fosun International last week.

It was understood on Monday that Jackett, 54, would be retained by the club and given significant funding.

However, Wolves director Jeff Shi "I would like to sincerely thank Kenny for everything he's done for the club over the last three years."

Shi had previously said on Monday he was "very happy to work with Jackett" and they had agreed the club's playing squad was too small.

The West Midlands side made their second signing of the summer earlier on Friday when winger Helder Costa joined on a season-long loan from Benfica.

Jackett was appointed Wolves boss in May 2013 after the club's relegation to League One.

It was the club's second successive relegation but the former Millwall boss guided them to promotion straight back to the Championship as they won the third tier with 103 points.

They fared well on their return to the Championship, finishing seventh and only missing out on a play-off spot on goal difference.

However, their progress stalled last season as they finished 14th in the table.