According to the thread at Velvet Rope (link originally posted by Jones in the forums):

...from Sanctuary HR:

Please note that Merck Mercuriadis has tendered his resignation, which Sanctuary has accepted, and at the close of business today will no longer be employed by Sanctuary. Further information will be forthcoming as necessary. In the interim, you may please contact *** or *** (to protect the innocent) if you have any immediate concerns or questions.
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An anonymous person sends the news from Hits Daily Double:

MERCK AND ELTON SPLIT: As part of his expected exit from Sanctuary Music to possibly join Irving Azoff's management company, Merck Mercuriadis will no longer be managing Elton John. According to a statement issued on behalf of John's management company Twenty-First Artists, John will now be repped for the U.K. and the rest of the world by his longtime friend of the court, veteran British music exec Clive Banks, former Simple Minds manager and Island U.K. managing director. In the U.S., Johnny Barbis, who also has had a longstanding business relationship with the superstar, will reportedly consult Sanctuary as Elton's stateside management rep. Mercuriadis is expected to bring clients Axl Rose and Morrissey with him. (10/31p)
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• Related item: Morrissey rumored to leave Sanctuary for Azoff with Merck Mercuriadis - HITS Daily Double - Oct. 22, 2006