Marti Cifuentes has been dismissed by Leicester City after spending less than seven months at the helm.
The Spaniard departs with the Foxes sitting 14th in the Sky Bet Championship after Saturday’s 2-1 loss to Oxford.
Cifuentes was in charge for 29 Championship fixtures, winning just 10 of them. Leicester are currently six points adrift of the play-off spots and nine clear of the relegation places.
First-team coach Andy King will assume interim responsibility while the club searches for a permanent replacement.
The 43-year-old succeeded Ruud van Nistelrooy in June, following the Dutchman’s tenure that ended with relegation from the Premier League.
Cifuentes arrived from fellow Championship outfit QPR, agreeing to a three-year contract. He had been placed on gardening leave by the London club after holding discussions with West Brom, who later appointed Ryan Mason.
Leicester paid £500,000 in compensation to secure Cifuentes’ services, with the manager personally covering half the amount by sacrificing part of his salary and signing-on bonus — effectively accepting a pay cut to take the role at the King Power Stadium.
He was willing to make that sacrifice to lead Leicester’s rebuild. However, with financial constraints and the possibility of a points deduction over alleged PSR breaches hanging over the club, Cifuentes was unable to reverse their decline.
Leicester chairman Aiyawatt Srivaddhanaprabha said in a club statement: “This has been a difficult decision and not one I have taken lightly. I would like to thank Marti for the total commitment he has shown during his time at Leicester City. He gave everything to the role and worked tirelessly to help us achieve our targets.
“However, I believe this is the right step at this time to improve performances and results, and to act in the best interests of Leicester City Football Club. Martí leaves with our thanks and our best wishes for the future.”