Rafa Benitez parted ways with Liverpool on Thursday, after 6 years.

According to the British media Benitez was paid around 3.0 million pounds ($4.42 million) although he had agreed on a five-year contract in March last year. The terms of that deal stated that the Spaniard was entitled to a severance package of approximately 16.0 million pounds, but with Liverpool almost facing debt, the club would have struggled to pay him off in full.

Rafael Benitez ex-Liverpool Manager

A compromise was reached and the 50-year-old can now look ahead at landing a job at Inter Milan, recently vacated by Jose Mourinho.

Liverpool chairman Martin Broughton said in a statement on the club website (www.liverpoolfc.tv):

“Rafa will forever be part of Liverpool folklore after bringing home the Champions League following the epic final in Istanbul but after a disappointing season both parties felt a fresh start would be best for all concerned,”

Benitez added:

“It is very sad for me to announce that I will no longer be manager of Liverpool FC. I would like to thank all of the staff and players for their efforts.”

This parting of ways wasn’t really surprising after they finished seventh in the Premier League this season, their lowest position since 1999.

Rafa had a successful season 2004-05 and after Liverpool finished second to Manchester United in 2008-09 only four points behind, The Reds were expected to put in a tough challenge this season. However, with the departure of Xavi Alonso and a huge string of injuries, the club fell way behind.

Liverpool also failed to advance from the group stages of the Champions League and even missed qualifying for the Champions League next season.