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I've been fired. I notice it has alot to do with the mood of your owner. My current owner is a 'bad dude'. I thought after my 2nd season where I barely managed to reach .500 (had to win the last 4 games), I would have been toast. I had gone .500 the initial season as well. But he signed me again.
In another league with a similar owner, I got canned after my 1st season. It was not a very good team, mind you, but he wasn't patient.
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