Tim Sherwood has been sacked by Tottenham Hotspur following his short spell as head coach.
A statement on the Spurs website says they have been supportive of Sherwood during the football management changes since appointing him to various roles since 2008 including head coach this season following the sacking of Andre Villas-Boas.
Levy says they agreed an 18-month contract with a break clause at the end of the season and they have now exercised that option.
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Sherwood guided Spurs into sixth place but had a habit of being quite outspoken in his public utterances.