In today’s announcement, the club said the decision was reached amicably and mutually by both parties with plans for next season in mind and Benning off to seek a new challenge in his career.
But the defender said he was leaving with one regret – not to have helped Stags achieve promotion.
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The 27-year-old will depart the One Call Stadium after almost six years, during which he has earned a reputation as a fans’ favourite.
He leaves the club having amassed 251 appearances in all competitions – the 18th highest of any player in the Stags’ history.
In a statement, the left back said that the club would always hold a special place in his heart.
He wrote: “After six great years at Mansfield, I have decided that it is time in my career for a new challenge.
“I will be leaving the club at the end of the season with many unforgettable memories; from my debut season to our promotion push two years ago and the recent transition of the team.
“I am very thankful to the chairman, Carolyn, chief executive, the directors, management, staff, and most importantly the fans.
“I will always have fond memories of some of my special goals for the club, which will stay with me forever.
“One massive regret is to not have been able to help get the club promoted.
“I wish the club every success for next season and hope that the ambitions set can be fulfilled.
“Lastly, I want to thank Mansfield Town Football Club for giving me the opportunity to establish a career in the professional game.
“Mansfield Town will always hold a special place in my heart and I wish everyone associated with this great club all the very best for the future. Thank you.”
On behalf of Mansfield Town, manager Nigel Clough said: “Mal is to be commended for his long-service to Mansfield Town.
“The decision for Mal to seek a new challenge was reached mutually and amicably by both parties, with a view to next season in mind.
“We wish Mal and his family all the very best and thank him for his service at One Call Stadium during the past six years.”
Benning was left out of the squad last weekend when the Stags lost 2-0 at Salford City.