GALLERY: BIG BASH LEAGUE FINAL AT MANUKA OVAL
Helmot, 42, had coached the Renegades since the inaugural Big Bash season, but managed to guide them to the semi-finals just once in the past four tournaments.
The Renegades finished this season in sixth position on the ladder.
A privilege to coach @RenegadesBBL Thank you to all players, coaches, staff and our brilliant loyal fans. #getonred
— Simon Helmot (@SimonHelmot) January 29, 2015They were the only team not to reach 165 in any innings this year. All teams except the Renegades and the Stars scored 180 at least once.
It is understood the specialist Twenty20 coach was not surprised by his axing.
Helmot has also coached Trinidad and Tobago in the Caribbean Premier League and has been an assistant with the Hyderabad Sunrisers in the IPL.
"We'd like to express our appreciation for Simon's efforts," Renegades chief executive Stuart Coventry said in a statement released by the club on Thursday.
"He was involved from the initial stages with setting up the Melbourne Renegades and has been an important factor in instilling our club's values through his leadership in the following years.
"(However) it is in the best interests of future club success to seek a new direction in the head coaching role."
Simon Helmot and Melbourne Renegades have parted ways. Photo: Getty Images