Atletico Madrid have fired coach Carlos Bianchi following their elimination from the King's Cup, club president Enrique Cherry said on Thursday.

The decision was taken after a meeting between the board of directors and the Argentine manager where they reached an agreement to terminate the contract, Cherry told a press conference held at Vicente Calderon.

Atletico lost to Real Zaragoza 1-0 in the second leg of the King's Cup round of 16 on Wednesday to exit the competition.

The result completed a miserable season for the capital-based side who are placed 12th in La Liga standings with 20 points from 18 matches.