BUENOS AIRES, March 31 (Reuters) - Racing Club coach Miguel Mico resigned on Monday in a new twist to the crisis at one of Argentina's biggest and most fanatically supported clubs.Mico, who replaced Gustavo Costas at the end of last year, had been in charge for only seven games, during which his side failed to win. Racing are bottom of the Clausura championship with three points from seven games. They have also dropped to 16th out of 20 in the relegation standings which are taken over three seasons, a system designed to reduce the chances of the major teams going down. 'It was the best for the club,' Mico told the TyC cable television sports channel. 'I thanked the players and told them it was over...it was the best decision.' Mico is the third coach to leave the club in less than two years. Former Argentina captain Diego Simeone left in June 2006 and sixth months later won the championship with Estudiantes. Simeone is now with River Plate, the current championship leaders. He was replaced by Reinaldo Merlo who made way for Costas last year. Mico was the fifth first division coach to leave his job in the last 10 days following Leonardo Astrada (Colon), Carlos Ramacciotti (Gimnasia-Jujuy), Juan Manuel Llop (Banfield) and Pedro Troglio (Independiente). Racing have outsourced the admininstration of the club to independent management company Blanquiceleste S.A. (Blue and White), who have been the target of frequent protests by the fans.