Yaxley have parted company with Sammy Mould, the youngest manager in the top nine tiers of English football.
He was only 20 when he was put in charge of the Northern Premier League Midlands Division club in January.
They had only one point at the time and although he quickly achieved a first win of the season, relegation was confirmed earlier this month.
The club said Mould – now 21 – had been “removed” from his position by mutual consent.
“As a management committee we wish Sammy all the best in his next appointment, wherever that may be, and thank him for his time with us,” they added.
Lloyd Burton has been named caretaker manager for the rest of the season and the club say he will be “responsible for instigating any required rebuilding of the men’s first team with an eye towards the 2023-24 season when we will focus on local players playing for their local club”.
Yaxley appointed Mould as interim boss following the departure of previous manager Andy Furnell and he used links established through his sports management company to make changes to the squad.
Despite that, they are 18 points adrift at the bottom of the table with five games to play.
Last week he told BBC Sport that saving the team from relegation was a “near impossible task” when he took overbut the setback would be “character building”.
He added: “Me and the club are in discussions currently regarding my position.
“The key is making sure things work for both parties, but it’s a very good football club with lots of good people involved and good facilities.”
