Tottenham face another summer of uncertainty with little development in the key areas of manager and player recruitment.
The decision didn't come as a surprise to anyone, with even Sherwood himself stating it didn't catch him off guard.
It had actually been something likely to happen for at least a couple of months, while in all reality, those still linked with the vacancy were the very same names on people's lips when Andre Villas-Boas left in December.
Yet somehow, Levy has been unable to pick and recruit Sherwood's successor despite there allegedly being interest from several interested applicants.
Frank de Boer, who has won 4 Eredivisie titles in 4 seasons of management, has at one point said he would be interested in talking to Spurs. Southampton's Mauricio Pochettino is another who has done little to dissuade a switch ahead of rumours that he is the London club's first choice.
And still there is no appointment. It is the sort of dallying that may have cost the club the chance of getting in Louis van Gaal, and it is more than feasible that it may cost them another interested party.
What's more, the lack of certainty as to who will be in charge next year will almost certainly damage any projected transfers the club is looking at.
Possible moves for the likes of Romelu Lukaku, Steven Caulker and any of the Southampton English contingent have long been in the media, but there has been little development on squad incomings/outgoings aside from Heurelho Gomes being released.
Quite what the point is of having Franco Baldini, if he has to double check with the new manager if it's actually a player he wants, the new manager that hasn't even arrived despite it being a time ripe for transfer dealings, no one knows.
If Tottenham don't sort out their new boss by the end of the month, it is likely to create another unsettled summer in North London.