Gray failed to keep Leeds in the Premiership but had wished to remain in charge for next season's Coca-Cola Division One campaign.
The Elland Road board decided to relinquish Gray of all coaching duties and keep him on board in a consultancy role on a one-year contract.
Gray said on the official website: "I have said before that the club do not owe me anything and they don't. I have had a great life with the football club and it's just sad that it has come to this, but that's life.
I would not agree that it was an impossible task to keep Leeds up. It was difficult, but I still enjoyed it and I am sad how it turned out in the end. I just wish the club all the best and hope they bounce back in the future.
"I will continue in a consultancy role for a year and see what happens. At this moment I just wish all the players and all the staff the very best. They deserve to be back in the Premiership.''
The Elland Road board decided to relinquish Gray of all coaching duties and keep him on board in a consultancy role on a one-year contract.
Gray said on the official website: "I have said before that the club do not owe me anything and they don't. I have had a great life with the football club and it's just sad that it has come to this, but that's life.
I would not agree that it was an impossible task to keep Leeds up. It was difficult, but I still enjoyed it and I am sad how it turned out in the end. I just wish the club all the best and hope they bounce back in the future.
"I will continue in a consultancy role for a year and see what happens. At this moment I just wish all the players and all the staff the very best. They deserve to be back in the Premiership.''