MANCHESTER, England -- Its some feat to turn one of the worlds most storied and valuable sports brands into a mere also-ran in the space of 10 months. Omar Vizquel Jersey . Thats what David Moyes managed to achieve at Manchester United -- and there was only going to be one outcome. Overwhelmed by the giant task of replacing Alex Ferguson, Britains greatest ever manager, Moyes was fired by United on Tuesday after exhausting the patience and losing the support of the clubs American owners, the Glazer family. The 50-year-old Scot was less than a season into a six-year contract but the Glazers had seen enough. So, too, had most of Uniteds fans and most likely its slew of big sponsors, with the team languishing in seventh place in the Premier League and guaranteed to miss out on Champions League qualification for the first time in 19 years. Thats unacceptable for a club that expects to win trophies year in and year out. Exactly a year after clinching a record-extending 20th English championship, United dismissed Moyes during a meeting at its training ground in the morning. The news was released in a terse, two-line statement on the clubs website -- a far cry from the fanfare of Moyes hiring last summer. "Manchester United has announced that David Moyes has left the club," the statement said. "The club would like to place on record its thanks for the hard work, honesty and integrity he brought to the role." In the 27-year, trophy-laden tenure of Ferguson, United stood out as a pillar of stability, continuity and patience. No more. Moyes, hand-picked by Ferguson, was unable to replicate the success of his countryman or even come close. Ryan Giggs, a club great who was on Moyes coaching staff and is still a member of the playing squad at the age of 40, will take temporary control until a permanent replacement is found. The 40-year-old Welsh midfielder, who came up through the United youth ranks alongside David Beckham, has spent 23 years at Old Trafford. He has won every trophy in the game at club level, making him Uniteds most decorated player. Louis van Gaal, who will leave his position as Netherlands coach after the World Cup in Brazil and has previously coached Barcelona and Bayern Munich, is the favourite to succeed Moyes on a full-time basis. A person with knowledge of the situation at United said the club would be seeking an experienced manager and a short list was being put together with a view toward an appointment being made quickly. Giggs was not being considered for the full-time position. The person spoke on condition of anonymity because the club was yet to announce the moves. A surprise choice to many because of his lack of top-level experience, Moyes was hired by United after 11 relatively successful years at fellow Premier League team Everton. He failed to cope with the enormity of taking one of the most coveted jobs in the sport. United is 23 points behind leader Liverpool and has slumped to a string of humiliating losses, including home and away to fierce rivals Liverpool and Manchester City. Moyes hoped hed be given at least a second season to turn things around, just as Ferguson was given time after a slow start to his reign. "Its surprising because its not a habit of Manchester United to do things this way," Real Madrid coach Carlo Ancelotti said. "At Man United, after so many years of Sir Alex, its a little surprising." Moyes has been under pressure for months but guiding United to the quarterfinals of the Champions League -- squeezing past Greek outsider Olympiakos in the last 16 -- earned him some breathing space. His future was placed in serious doubt, however, after Sundays lacklustre 2-0 loss at Everton, which ensured that Englands biggest club over the last two decades wouldnt be in next seasons Champions League. "There is no disguising that the football this season has been poor, the results have been poor," said former United defender Gary Neville, whose younger brother Phil was an assistant manager to Moyes. "The performances have got worse and worse." United has lost a club-record 11 times in the league and 10 times in 22 matches in all competitions in 2014. Worse for Moyes, there has been no discernible improvement in the level of performance, with his chances not helped by the absence of leading striker Robin van Persie for large chunks of the season through injury. The deposed champions appear ready to spend considerable sums over the summer to strengthen an aging squad. But the Glazers were not willing to trust Moyes to oversee such heavy spending. United is one of the sports worlds most lucrative brands -- it brought in 363.2 million pounds ($610 million) in revenue last season -- but the lack of Champions League action next season will dent income streams. The Glazers likely would have been concerned that next seasons exile from Europes top club competition may have dragged on for years at a time when player costs are high and interest payments on the clubs debts are a real burden. Big United sponsors, such as Nike, may have become restless. "Clearly Nike and other sponsors are paying for one of the best and most recognized football brands in the world -- not one that cannot even make the Champions League," said Louise Cooper, an independent financial analyst in London. "The financials ensured that Moyes was not given the time to perform." Investors appeared to welcome the news, sending Uniteds share price up 5 per cent in early New York trading to $18.60 -- the highest level since the final days of Fergusons reign. Such is Uniteds decline that the worlds top players are unlikely to want to move to Old Trafford without the pull of the Champions League. With four matches left in the Premier League, qualification for the second-tier Europa League is also looking unlikely. Giggs has long been regarded as a future United manager, having established himself among Uniteds greats by winning 13 Premier Leagues, four FA Cups, three League Cups, two Champions Leagues, one UEFA Super Cup, an Intercontinental Cup and a Club World Cup as a player. United denied reports last month that Van Gaal met with a member of the Glazer family, but the Dutchman will be free in the summer. He has the experience of coaching at big clubs that Moyes lacked, having been in charge of Barcelona, Bayern Munich and Ajax in a 23-year managerial career. Manny Ramirez Jersey .J. 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