Leicester chairman Milan Mandaric has assured the club's fans that he has done everything within his powers to keep Gary Megson at the Walkers Stadium.

Mandaric issued a message to Leicester supporters via the club's official website following the news that he had granted Megson permission to speak to Premier League strugglers Bolton regarding their vacant managerial position after an afternoon of protracted compensation negotiations.

The statement read: "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 focussed 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."

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."

Leicester had already spurned two approaches from Bolton, who parted company with Sammy Lee last week, but relented after Megson hinted he was interested in a return to the top flight.

Mandaric said: "Despite by best efforts to retain his services and turning down two formal approaches from Bolton, Gary left me with no choice last night when he informed me he wanted to leave Leicester and talk to the Premier League club.

"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 last night's home defeat by Sheffield United his loyalties and heart lay elsewhere."