Rangers are currently within a point of the relegation zone after having won just one game in 12.
QPR chairman, Tony Fernandes, said on the club’s official website: “This decision has been made in the best interests of the club and I can assure everyone that this is not a decision that was made lightly. Sadly, our recent run of poor form has seen us slip alarmingly down the table and the board felt it was the right time to make a change.
“Neil has acted with honesty, professionalism and integrity throughout his time at the club, and I would personally like to thank him for his significant contribution to QPR over the last 22 months. I genuinely wish him all the very best for the future and he will always be welcome back at Loftus Road.”
Warnock said: “Obviously I’m very disappointed, but having achieved so much, I leave the club with a great sense of pride. I have enjoyed my time here more than anywhere else and the QPR fans have been brilliant with me – they deserve success.
“My biggest regret is that the takeover didn’t happen earlier, because that would have given me the opportunity to bring in the targets I’d pinpointed all last summer and probably given us a better chance to succeed in the Premier League.
“The board at QPR are hugely ambitious and I wish them every success for the future. I’ve been involved in the game a long time and I will be spending the immediate future with my family and friends before deciding my next career move.”
