Salvatore Bagni has left Bologna just two months after being appointed as their new transfer consultant.
The former Napoli and Italy player was hired on May 21 to build a squad capable of keeping the side in the top flight.
However, with money tight at the Stadio Dall'Ara, Bagni was finding it increasingly difficult to work in the way he would have wanted.
After a five hour board meeting, it was decided that the 54-year-old would be shown the door by the Rossoblu.
"The decision to release Bagni was taken unanimously after detailed analysis," Vice-President Maurizio Setti told the Corriere dello Sport.
"Let's say that there were motives why I too agreed with the board.
"Bagni was my gamble, I don't deny that, and it is clear that I am disappointed with how things have gone."