Sam Allardyce is "deeply disappointed" over his departure as England boss after 67 days at the helm and has offered a "wholehearted apology" to the Football Association (FA) and others offended by his actions.
The 61-year-old's tenure was ended by mutual agreement following a summit on Tuesday with FA chairman Greg Clarke and chief executive Martin Glenn, less than 24 hours after the Daily Telegraph published footage claiming to be from a meeting in August between a pair of undercover reporters and Allardyce.
In the footage, Allardyce allegedly told two men purporting to be from a Far East investment firm how they might "get around" FA regulations concerning the transfers of players under third-party ownership.
"Further to recent events, the FA and I have mutually agreed to part company," said a statement on the FA website from the former Sunderland manager, who will be replaced for England's remaining four matches of 2016 by Under-21 boss Gareth Southgate.
"It was a great honour for me to be appointed back in July and I am deeply disappointed at this outcome.
"This afternoon, I met with Greg Clarke and Martin Glenn and offered a sincere and wholehearted apology for my actions."
Allardyce was also alleged to have reached an agreement worth £400,000 to represent the fictitious firm of investors and to be a keynote speaker at their events, while stipulating such an arrangement would have to be cleared by the FA.
Additionally, he also criticised his immediate predecessor Roy Hodgson and his assistant Gary Neville for their work in charge of the England team at Euro 2016, while seemingly mocking Hodgson's speech impediment and branding the FA's expensive rebuilding of Wembley as "stupid".
"Although it was made clear during the recorded conversations that any proposed arrangements would need the FA's full approval, I recognise I made some comments which have caused embarrassment," Allardyce's statement continued.
"As part of today's meeting, I was asked to clarify what I said and the context in which the conversations took place. I have co-operated fully in this regard.
"I also regret my comments with regard to other individuals."
England face Malta in their next World Cup qualifier on October 8, having won Allardyce's sole match in charge 1-0 in Slovakia.