Lee takes Bolton reins

Lee, who has served as Allardyce's assistant at the Reebok Stadium since June 2005, will take charge of the team, who face West Ham and Aston Villa in their remaining two Barclays Premiership games this season.

"I'm very proud. I've been fortunate to work under some very good people," said Lee. "The education I've gained from working with Sam Allardyce has been immense. I have to continue what Sam has started, that's first and foremost, and then re-evaluate it after that. It certainly is a healthy position that Bolton are in, we're now contesting for a place in Europe."

Allardyce's resignation was made public on Sunday after seven-and-a-half years with the club. He has been linked with a move to Manchester City or Newcastle in the summer.

Bolton chairman Phil Gartside, responding to reports that Allardyce opted to leave because of a lack of spending power in the transfer market, said: "There has been speculation that it was for a lack of funds but, if you look at where Bolton Wanderers are in the Premier League, we've been top 10 for the last four years so there must have been some funds available.

"Last year we signed a world-class striker in Nicolas Anelka and we also brought in Abdoulaye Meite so I want to put on record that funds have been available.

"To move to being a top-four club from a fifth-placed club is not £10million, it's about £100million. We've done well to achieve what we've achieved with limited resources."

Gartside, asked if Allardyce had given him the impression that he had another job lined up, replied: "He said he hasn't."

Moving quickly on Gartside added: "Today is about Sammy Lee being appointed manager.

"I respect Sam's views of why he has left. You couldn't look back on the last eight years without a lot of enjoyment and pride. We've taken Bolton Wanderers to a level we've never been at before."