Leicester City

Leicester City Chairman Milan Mandaric, who turned down two bids from the Premier League club, has reluctantly allowed Gary Megson to speak to Bolton Wanderers about their vacant manager's job.

"I made it abundantly clear Bolton's interest was neither welcome or invited, but it was evident to me that following a meeting requested by Gary following the home defeat by Sheffield United his loyalties and heart lay elsewhere."

Watch: Mandaric on Megson leaving

Mr Mandaric has assured Foxes fans that he has done everything within his power to keep Megson at the Walkers Stadium.

Watch or listen to the interview about the announcement. Plus have YOUR say on Megson's departure...

"Gary decided that he wanted to speak to Bolton. We have agreed compensation and we move on.

"This is something that was not planned. We have worked tirelessly to prevent this from happening but in the end there was nothing we could do. Gary's heart was not in this football club anymore.

"It is important that we all remain focused on our common goal. We must channel all of our energy and desire into making sure that this football club continues to move forward.

"As supporters of this football club I need to ask you to keep believing at this difficult time. Our original plans and objectives still remain the same. They have not changed.

"There is an old saying - it is not the loser who goes down, it is the loser who does not get back up again. This football club and its supporters are not quitters."

Megson's decision leaves the Foxes looking for a fifth manager in six months. 

Listen to BBC Leicester's Jon Barber's report and a round-up of your calls from a special football phone-in on Wednesday 24 October 2007...

Bolton parted company with Sammy Lee on 17 October.

The Premier League club have since been looking to fill their managerial vacancy at the Reebok Stadium before Sunday's game against Aston Villa.

Listen: Do Bolton supporters want Megson?

BBC Leicester's Ben Jackson spoke to BBC Radio Manchester's Jack Dearden about Megson's move to Bolton...

Jack says that Megson was a "surprise choice" for the Bolton fans - but do they think he's the man to be their new manager? Jack says not:

"I don't think too many of the Bolton fans at this moment in time think he is.

"There's a local poll being conducted in the local Bolton newspaper I think of 699 people, who decided to give their views.

"I think 12 said, 'well go on then, he might be alright' - I think that equates to less than two percent.

"So so far, I don't think he's overly popular."

Gerry Taggart and Frank Burrows have been placed in charge of first-team affairs for Saturday's home game against Barnsley.

Mandaric added: "We must collectively pull all of our efforts together to support them.

"We need your support more than ever when we take on Barnsley at the Walkers Stadium this weekend.

"We must unite and move forward - stronger than ever before. I appreciate your support and I will always thank you for that."

Mr Mandaric says the search for a new manager has begun!

Watch this space and keep listening to BBC Radio Leicester 104.9FM, Dab and Online to get the latest news on this story.