Mandaric admits to doubts over Leicester future following relegation to League One

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A goalless draw against Stoke at the Britannia Stadium, coupled with Southampton's 3-2 home victory over Sheffield United, saw the Foxes drop down to the league's third tier for the first time in their 124-year history.

Mandaric set out a three-year plan to get Leicester back into the Premier League when he completed his £25million-plus takeover of the club in February 2007.

However, asked whether he would be staying on as chairman following what is a major setback to those plans, the City owner told the Telegraph: "I don't know. I am not going to make any decisions at this moment.

"We have to face the facts and regroup. It is not an easy moment. It is one I have never experienced before in any project, whether business or football.

"It is a dreadful experience. It is a shame. I feel let down and right now I am not a very happy man.

"You don't have to be Einstein. If you look at the support I have given to my managers and my players, both financially and morally, and what do you get in response? You expect rewards and results. We didn't get it and you have to feel let down."

Asked about manager Ian Holloway's future, Mandaric added: "I cannot discuss that. I need a couple of days of calming down.

"We need to come up with the right strategy. We owe it to the supporters to turn this around and find some positives in this dreadful time."