Hibs have began the search for their new manager following Mixu Paatelainen's decision to leave the club after 16 months in the job on Friday night. There is speculation that the main reason for his departure was that he unhappy with the budget he had been asked to work with next season. Chief executive Scott Lindsay was at pains to point out the new manager would have enough money to spend for the club to remain "competitive at the upper end of the league".

He said: "We know that the job as manager of Hibernian is one of the most appealing jobs in Scottish football, and for very good reasons. This club provides the incoming manager with a superb infrastructure, a squad that contains genuine talent, and a budget that should ensure we are competitive at the upper end of the league. We will be looking for a talented and ambitious individual who wants to take all that we offer and drive the club forward to have us challenging where we all feel we belong at the top end of the SPL and challenging for Europe. We expect considerable interest, and undoubtedly there will be a great deal of speculation. Hibernian supporters should be reassured that we will - as ever - seek to go through this process as professionally as we can without fuelling speculation and that once we have something positive to report, we will make the appropriate announcement. Until then, I am sure they will be patient, continue to support their club, and expect us to behave in a professional and courteous way towards all applicants."

Jimmy Calderwood - who also decided to call it quits at Pittodrie at the end of the season - and Falkirk boss, and well known Hibs fan, John Hughes are among the favourites to replace Paatelainen. Managers from three of the top six sides in the SPL have all left their clubs which could trigger a number of other clubs having to back-fill their managerial seats. Calderwood was the first to leave, parting company with the Dons hours after they beat Hibs on the final day of the SPL season to qualify for the inaugural Europa League. Calderwood, currently on holiday in Spain, insists he has given no thought to succeeding Paatelainen. He said: "I've not thought anything about that. I don't know who's thrown my name in. I've not really thought about it. I'm sure I'll start getting itchy feet when all the games start but at the moment I'm having a holiday and we'll see what comes."

Hibs captain Rob Jones, who has been heavily tipped for a move away from Easter Road this summer, was stunned to learn of Paatelainen's departure. He said: "It's a big shock. I know he had lots of plans for next season, he'd been speaking in regard to that and moving things on." Acknowledging Paatelainen had suffered criticism from fans, the defender went on: "We've all come under criticism at some point. When players are not playing well that's what happens. We had our ups and downs but although we lost our last game, we had a very good month, getting results no-one expected us to and that gave lots of optimism looking ahead to next season."

There have also been rumours Paatelainen had a fractious relationship with some of his players. Jones said: "As captain, we spoke quite a lot, we had a good relationship. Of course there are differences at time in any football club when certain players aren't playing but overall he had a good rapport with the players. He enjoyed what he was doing. He's a good guy and I have a lot of respect for him. He tried everything possible, he was first on the training ground and the last away. He's a good man manager, he was fantastic at keeping training up-beat and he was always bringing new things to the training ground. Normally you get an inkling of something like this happening, a rumour or a bit of gossip but there was nothing at all, it's a big shock. When we came off the coach following the Aberdeen game he shook hands, told us to get a good rest and that was it. He must have his reasons but personally I'm quite shocked he has walked away."