As expected, manager Ian Holloway has left Leicester City, following relegation to League One.

This is part of the statement released by the club:

"Discussions have been on-going between the two parties since the club were relegated to the third tier of English football for the first time in their history earlier this month.

However, Chairman Milan Mandaric today confirmed that the Foxes and Holloway had opted to go their separate ways ahead of the 2008/09 campaign.

He said: "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."

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