Boca Juniors will not renew its contract with coach Guillermo Barros Schelotto after losing to fierce rival River Plate in the Copa Libertadores final.

Boca lost the second leg 3-1 in extra time last Sunday in Madrid, and 5-3 on aggregate. It was the first Copa final between the Buenos Aires rivals.

"The best thing for Boca is to start the year making a change — search for a new coaching staff and start all over from scratch," Boca Juniors President Daniel Angelici said at a news conference on Friday.

Guillermo Barros Schelotto, coach of Argentina's Boca Juniors, stands in the pitch after his team's 1-3 lost against Argentina's River Plate in the Copa Libertadores final soccer match at the Santiago Bernabeu stadium in Madrid, Spain, Sunday, Dec. 9, 2018. (AP PhotoManu Fernandez)

Guillermo Barros Schelotto, coach of Argentina's Boca Juniors, stands in the pitch after his team's 1-3 lost against Argentina's River Plate in the Copa Libertadores final soccer match at the Santiago Bernabeu stadium in Madrid, Spain, Sunday, Dec. 9, 2018. (AP PhotoManu Fernandez)

Barros Schelotto remains popular with Boca fans. He won three Copa Libertadores as a player and had been coaching the team since mid-2016. His contract was due to end on Dec. 31.

"Despite not winning the Copa Libertadores, I leave at peace knowing that I left it all on the field," the 45-year-old Barros Schelotto said, sitting next Angelici.

"This is the best decision that we could have taken."

Guillermo Barros Schelotto, coach of Argentina's Boca Juniors, celebrates his side's opening goal, scored by Dario Benedetto, against Argentina's River Plate during the Copa Libertadores final soccer match at the Santiago Bernabeu stadium in Madrid, Spain, Sunday, Dec. 9, 2018. (AP PhotoManu Fernandez)

Guillermo Barros Schelotto, coach of Argentina's Boca Juniors, celebrates his side's opening goal, scored by Dario Benedetto, against Argentina's River Plate during the Copa Libertadores final soccer match at the Santiago Bernabeu stadium in Madrid, Spain, Sunday, Dec. 9, 2018. (AP PhotoManu Fernandez)

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