Grayson and his backroom staff left Elland Road on Wednesday after Tuesday night's 4-1 home defeat to Birmingham City.
Overall Grayson did a tremendous job at Leeds. In the three years since he took charge of the Whites in late December 2008, Grayson had guided the club to the League One play-off semi-finals (2008-09), automatic promotion from League One (2009-10) and a seventh-placed finish in the Championship last season (2010-11).
Granted, Leeds' current position of 10th in the table is disappointing, but they are only three points off the final play-off spot.
Overall Grayson can feel hard done by, especially with a 49 per cent win ratio.
Leeds have scored as many league goals this season - 44 - as current Championship table-toppers West Ham.
But whereas the Hammers have conceded 29 goals, Leeds have conceded 42. The Whites' poor defensive record has been their Achilles heel this season and that could be one of the main reasons why Ken Bates decided to sack Grayson.
Leeds have constantly shipped goals this season, while Grayson has used central defenders Andy O'Brien and Alex Bruce sparingly during the current campaign.
Both players are senior pros and are likely to be among the higher wage earners at Elland Road, yet they have only made three appearances and one appearance in the Championship respectively.
In Grayson's defence, O'Brien has been suffering from depression and Grayson was ready to give the player a second chance, while he also lost Patrick Kisnorbo to a serious knee injury at the beginning of January and succesfully integrated the likes of Tom Lees and Aidy White from the club's youth system in to the first team, at no transfer cost to the club.
And the issue of Grayson's transfer budget is where I feel he has been badly let down by Bates.
Grayson has lost the likes of Jermaine Beckford, Fabian Delph, Bradley Johnson, Neil Kilkenny, Max Gradel, Kasper Schmeichel and Jonny Howson - the club's captain.
What sort of a message does that send to the current squad and potential new recruits in terms of ambition?
Grayson has continually been given limited funds to bolster his squad and had to make do with loan deals and free transfers, and under those circumstances, I think he did a very good job.
As for Grayson's successor, I expect a manager currently out of work to come in. That way, Bates won't have to pay any compensation.
Leeds fans deserve better, and so did Grayson.
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