Garry Monk has said he is disappointed at being sacked as Sheffield Wednesday manager having met his "target set for this stage of the season" to get the club out of negative points.

Wednesday were docked 12 points before the season started for breaching spending rules, but had the penalty halved to six points after an appeal.

The club are 23rd in the Championship with six points and would be two places higher without the penalty.

Monk, 41, left Hillsborough on Monday.

His backroom staff also had their contracts terminated with immediate effect.

Wednesday have won three of their 11 league games so far this season after finishing 16th last term in Monk's first full season in charge having been third at Christmas.

In a statement released by the League Managers' Association, Monk said: "Amongst many other factors, strengthening my staff this summer enabled us to meet the target set for this stage of this season; being out of the minus points and beginning the next phase of climbing the league.

"It is a big disappointment to be unable to see the project through.

"Hard work has been at the core of our daily work and the standards of that work have definitely been demanded and raised since I first arrived at the club.

"I do believe there has been some foundations put in place that will enable the club to be successful in the future."

The BBC understands the Owls have had talks with at least three possible successors to Monk including former Stoke City and Middlesbrough manager Tony Pulis.

Former Wigan manager Paul Cook and ex-Leicester City and Watford boss Nigel Pearson are also amongst the favourites with bookmakers.