Leicester City have confirmed that manager Ian Holloway has left the club by mutual consent.
The Foxes were relegated to League One on the final day of last season.
Holloway joined Leicester from fellow Championship outfit Plymouth Argyle in November 2007 but won just nine of his 32 games in charge.
"We both felt it would be in the best interests of Leicester City and its long-term future if we amicably parted company," said chairman Milan Mandaric.
"This has been a very difficult decision for all parties but, we have agreed that the time is now right," he added.
"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.
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"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."
Leicester have gone through six managers in the past year, with Holloway himself spending £2m in the January transfer window.
"I gave 100% to the cause but unfortunately we ran out of time"
But despite bringing in the likes of Steve Howard and Barry Hayles, Leicester were still consigned to relegation.
And dropping into League One, the first time that Leicester have been relegated to the third tier of English football, ultimately cost Holloway his job.
"Leicester City is a marvellous club and I am as devastated as anybody that this great club suffered relegation," said Holloway.
"I gave 100% 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."
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