Waterford hurling manager Derek McGrath has stepped down after five seasons in charge.

McGrath informed the county board of his decision this evening and lauded his players, as well as well as his family, friends, backroom team and work colleagues in his letter of resignation.

It comes in the wake of Sunday's Munster SHC defeat to Cork in Thurles, where Waterford were left to play for pride after being eliminated from the Liam MacCarthy Cup race by Limerick the weekend previous. 

The 42-year-old led the Deise men to an All-Ireland final appearance last September and also guided the county to its third ever Division 1 league title in 2015.

Here's his heartfelt statement in full:

"Tonight I have informed the Waterford County Board of my decision to step aside as manager of the Waterford Senior Hurling team. The relinquishing of my position comes after five thoroughly enjoyable years working with the most committed, dedicated, honest and genuine players to represent our county.

"First and foremost, I wish to thank my wife Sarah, my two boys Fionn and Odhran, my parents and sister and indeed Sarah's family for their unwavering and unequivocal support during my tenure.

"This journey would not have been possible without them, and I thank them from the bottom of my heart for sharing the experiences, for the encouragement they gave and the steadfast belief they had in me. No greater love could be shown.

"Having the opportunity to work with and learn from a backroom team whose professionalism, expertise and knowledge was matched only by their altruism resulted in a complete unity of approach.

"It was a huge honour to learn from you all and I will be forever indebted to you. I would like to especially thank my selectors Dan and Eoin. Loyalty, sincerity, excellence and totality of effort were at the heart of everything you gave.

McGrath with selector Dan Shanahan after Waterford's All-Ireland SHC final defeat to Galway 

"I want to put on record my appreciation and thanks to the Waterford County Board for appointing me for a period of five years and Club Déise for their vision, their generosity and their commitment to excellence in good and bad times. To my close circle of friends who gave selflessly in every capacity seeking neither notoriety nor acclaim, thank you.

"Waterford is a special county with special people. People defined by their resilience, their authenticity and their creativity. I thank the Waterford people for recognising these traits within this team and uniting behind them over the last five years.

"These characteristics were evident in abundance again Sunday last, and I implore the great Déise supporters to continue on this journey with these lads acutely aware that implicit in your viewpoint must be the stark reality that sport, like life, will see setbacks along the way, which we must see not as adversity but as part of the path which can be overcome together.

"During my term, I can honestly say that I held nothing back. This complete immersion would not have been possible without the support and guidance of the management, staff and community of my beloved De La Salle College. I always felt that I was representing the intangible spirit of our great school in everything I did.

"Finally, I wish to thank and pay tribute to an incredible bunch of players that I have had the honour to manage over this five-year period. The joy, the tears, the sense of camaraderie and the memories shared will stay with me forever. Embarking on this journey with a group of young players we aimed to cultivate a culture of honesty, integrity and pride everytime we represented our beloved county.

"Witnessing your growth and watching you represent Waterford on and off the field with the unity of a tight-knit family filled us all with immense pride. Whilst we committed ourselves to be the best we could be as a management, we also challenged you to be the most diligent team ever to represent Waterford and you responded by giving everything you had every day, which became our team motto - GACH RUD. GACH LÁ.

"You have been a credit to yourselves and I thank your families and partners for inculcating in you a sense of decency, a humility and a work ethic that will stand the test of time. The greatest compliment I can pay both players and their families is the hope that I can continue to rear my own family with the underlying traits that are inherent in you all.

"This team will be forever ingrained in my heart. Returning to family and school life, I hope to learn from the values and principles that you stand for. I look forward to applying these learnings into the future in differing capacities.

"GAN STAONADH LE CHEILE. GACH RUD. GACH LÁ.

"Thanks lads,

"Derek."

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