Leicester tonight confirmed they have parted company with manager Ian Holloway by mutual consent.
The Foxes had been in discussions with Holloway over his future after the club were relegated to Coca-Cola League One earlier this month.
But chairman Milan Mandaric has revealed the two parties had opted to go their own ways.
Mandaric said: “This has been a very difficult story for all parties but, after taking stock and holding several constructive meetings, we have agreed that the time is now right.
“I could not fault either his commitment or effort to the cause but the last few weeks have been the most disappointing during my tenure within the club.”
He added: “That’s why ultimately we both felt it would be in the best interests of Leicester City and its long-term future if we amicably parted company now.”