Former England manager Sven-Goran Eriksson has left his position as Leicester City manager by "mutual agreement", the Championship club confirmed in a statement on their website on Monday.
The 63-year-old had held talks with the club's Thai owners on Monday after Saturday's 3-0 home defeat to Millwall left them 13th in the table, albeit only two points outside the play-off places. However, the Thailand-based owners Asia Football Investments are unhappy that after spending £10million on new players during the close season -- a sizeable amount by Championship standards -- the results have not been better.
"Leicester City Football Club has confirmed today that, by mutual agreement, Sven-Goran Eriksson has ceased to be the first team manager, with immediate effect," read the club statement. "First team coach Dereck Fazackerley has also left the club. The club and its board of directors would like to thank Sven and Derek for the contribution they have made to Leicester City during their 13 months at King Power Stadium."
The club added that they would not be making any further announcement but that their search for a successor would start immediately with the name of Martin O'Neill high on the list according to other reports. The Northern Irishman, who has not been involved in football management since leaving Aston Villa in August last year, had a highly successful spell at the club from 1995-2000.
Eriksson only signed a two-year contract in October last year after unsuccessful spells, since leaving the England job, with amongst others Mexico and at Notts County -- then in League Two -- whose owners failed to deliver the millions they had promised him to pay for new players.
The Swede is the second former England manager to leave a Championship club this season, following his former assistant at national level and successor as coach Steve McClaren's sacking by Nottingham Forest.