Holloway leaves Leicester
Foxes' fifth boss under Mandaric moves on
Leicester City have confirmed they have parted company with manager Ian Holloway by mutual consent.
Holloway quit Plymouth Argyle to move to Leicester in November but was unable to keep them in the Championship.
Speculation has been rife that Foxes chairman Milan Mandaric would part company with Holloway, Leicester's fifth manager of his regime, before the start of next season and now such predictions have proved correct.
"This has been a very difficult decision for all parties but, after taking stock and holding several constructive meetings, we have agreed that the time is now right," Mandaric told the club's official website.
"I would like to place on record my thanks for the way in which Ian has worked tirelessly over the last seven months to try to bring success to this club.
"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 game.
"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.
"My energies will now be fully focused on getting the right man, firstly to stop the decline we have suffered in the last few years, and secondly, to take us forward in the future with that level of stability which we all crave."
Holloway, who guided Leicester to nine victories from 32 matches, has spoken of the hurt he has felt upon the club's relegation.
"Leicester City is a marvellous club and I am as devastated as anybody that this great club suffered relegation.
"I gave 100 per cent to the cause but unfortunately we ran out of time. The fans here are a different class and deserve a lot, lot better.
"I'd like to wish everyone connected with Leicester City well for the future - the club will always remain close to my heart."