Sunrise, FL -- (Sports Network) - Jacques Martin has reportedly agreed to stay on as the general manager of the Florida Panthers.

According to a report in the South Florida Sun-Sentinel on Wednesday, Martin, who was relieved of head coaching duties last Friday, has taken team owner Alan Cohen's offer to stay on as the general manager.

Martin was the team's coach the past three seasons, but was asked by Cohen last week to vacate the post after Florida missed the playoffs for the seventh consecutive season. Cohen did, though, offer Martin the opportunity to keep his job as GM.

Florida finished with a winning record in each of Martin's three seasons behind the bench, but failed to qualify for the playoffs. The Panthers went 38-35-9 this season, finishing in 11th place in the Eastern Conference with 85 points. In his three seasons as coach, Martin had a record of 110-100-36.

Martin took over as head coach for the Panthers prior to the 2005-06 season, and added GM duties to his title in September 2006. He had previously led Ottawa to a successful eight-season playoff run but was let go by the Senators after they lost to Toronto in the first round of the 2004 postseason.

He owns a career coaching record of 517-406-119-56 in 14 seasons as coach of the Panthers, Senators and Blues. The 1998-99 coach of the year, Martin led the Senators to their first Presidents' Trophy in 2002-03, when they reached the Eastern Conference finals for the first time. There they fell to the New Jersey Devils in seven games.