The Italian has been sacked as manager after three-and-a-half-years at the helm in which he delivered the Premier League title in 2012, which was the club's first top flight title in 44 years, as well as the 2011 FA Cup and Champions League football.
City have decided to part ways with Mancini in the wake of Saturday's shock FA Cup defeat to Wigan Athletic but Al Mubarak made it clear that all involved were thrilled with what the former Fiorentina, Lazio and Inter Milan boss achieved at the Etihad Stadium.
"Roberto's record speaks for itself and he has the respect and gratitude of Sheikh Mansour, myself and the Board for all of his hard work and commitment over the last three and a half years," read a statement from Al Mubarak on the club's official website.
"He has clearly also secured the love and respect of our fans. He has done as he promised and delivered silverware and success, breaking the Club's 35-year trophy drought and securing the title in 2012. I would like to personally and publicly thank him for his dedication to the progress that he has overseen and for his support and continued friendship."