Holloway leaves Leicester after 'devastating' relegation

Leicester City last night confirmed they have parted company with manager Ian Holloway by mutual consent.

The League One club were relegated to the third tier for the first time in their history at the start of the month and Holloway, who was only appointed in November after leaving Plymouth in acrimonious circumstances, found his position under threat.

In a statement released last night, the Leicester chairman, Milan Mandaric, said the club and Holloway 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."

Holloway admitted: "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."

Early favourites to succeed Holloway, and become the sixth manager in Mandaric's 15 months at the club, include Billy Davies and Paul Lambert.