Rumours that the Owls boss would be leaving the club had been mounting in recent weeks – particularly after three successive league defeats – and even after Sunday’s victory Megson said that if his performance as manager was viewed to be not good enough then he would go elsewhere.
That possibility became a reality when news broke on Wednesday evening of his departure.
Chairman Milan Mandaric, who faces a fans’ backlash for this decision, said: “We have 13 games to go of what is a critical season for our club, and this decision has been taken because I believe we have a better chance of achieving our key aim of promotion by making the change.
“I fully understand this may not be the most popular decision amongst our supporters but I ask them to trust me, as they have done so wholeheartedly during the time I have been at the club.
“Whilst we won what was a huge game last Sunday, I have looked at results before that to reach the conclusion which I believe is the right one for now and the future of Sheffield Wednesday.”
Mandaric is thought to already have a successor lined up, with ex-Wolves and Cardiff manager Dave Jones emerging as the favourite.
Mandaric added: “One chapter is closed and another one begins. We must now look forward and I hope to appoint a new manager as soon as possible to help achieve success for this club.”
Whoever takes over will face a tough task in following in the footsteps of Wednesdayite Megson who was also, in the main, a favourite of the fans – and Mandaric should not underestimate the likely negative reaction to him from the majority of the S6 faithful.