Inigo Perez leaving Rayo Vallecano after remarkable run to European final

MADRID (AP) — Rayo Vallecano coach Iñigo Pérez is stepping down, two days after the modest Spanish club lost the Conference League final.

Pérez led Rayo, a small neighborhood-based club from Madrid, to its first major final where it fell 1-0 to Crystal Palace.

Rayo president Martín Presa confirmed Friday in a press conference that Pérez was not going to sign a new contract, with his current deal set to expire.

The 38-year-old former player was an assistant under former Rayo coach Andoni Iraola, who left in 2023 to take over Bournemouth. Pérez became its head coach in January 2024 and quickly impressed with his composed demeanor and the pressing style he instilled in his team.

In 2024-25, Pérez led Rayo to an eighth-place finish in La Liga, which was good enough for its first European berth in two decades.

Pérez has not said where his next job will be. He has been linked with a move to Villarreal, which will play in the Champions League next season.