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The former World Cup-winning footballer who was in charge of the Chennai-based franchise as their head coach in the first three editions of the Indian Super League have left the team.
Under Materazzi, Chennaiyin FC reached the semi-final in the inaugural edition and won the coveted title in the succeeding season.
The franchise confirmed the news officially on Twitter as well as on their official website.
The official tweet read:
The official statement published on the club statement read: "Chennaiyin FC and Marco Materazzi have today parted company by mutual consent.
"Italian Materazzi was the head coach of Chennaiyin FC in the first three seasons of the Hero Indian Super League.
"He was player-manager in the first season, making seven appearances as a player, with Chennaiyin finishing top of the league standings before narrowly losing in the semis against Kerala Blasters.
"Materazzi guided Chennaiyin to the title in the second season as CFC dramatically came from behind to beat hosts FC Goa 3-2 in the final.
"A record-breaking five-game winning run was instrumental in that triumph as Materazzi inspired the players to success from the brink of elimination.
"The former World Cup winner remains the most successful coach in ISL history with maximum wins."
In a join statement, the franchise cow-owners said: "We thank Marco for three memorable seasons and wish him the very best for the future.
"He will forever be a Chennaiyin FC legend and is also guaranteed a place in ISL history. Marco will always be warmly welcomed back in Chennai and especially at the Marina Arena."
On parting ways with the side, the Italian manager said: "These past three seasons with Chennaiyin has been a great adventure on a sports and human level.
"I leave the club today grateful to have been given the opportunity to contribute in my own modest way to the shaping of India as a football nation and most of all grateful to have lived firsthand the birth and growth of Chennaiyin FC. Incredible team, incredible fans, incredible India!"