Neil Lennon has left Bolton Wanderers by mutual consent today, with the Championship side 11 points adrift of safety.
Saturday’s defeat at home to Preston North End, coupled with Charlton Athletic’s win over Middlesbrough on Sunday, has left the Whites six points behind the second-bottom side.
The struggling club finally found new owners five days ago, as a consortium led by former striker Dean Holdsworth paid £7.5million for the club.
In a short statement released on the official club website, it was confirmed that Lennon would not have the chance to reap any financial rewards, with academy manager Jimmy Phillips to take charge of the first team on an interim basis.
The statement said: “Bolton Wanderers can announce that the club have today, Tuesday 15 March, parted company with manager Neil Lennon by mutual consent.
“All at Bolton Wanderers would like to thank Neil for his contributions during his time at the club.
“Academy manager Jimmy Phillips will take charge of the first team on an interim basis.”
Lennon took charge of the Whites in October 2014, and led them out of danger to an 18th place finish.
This season, however, has been a struggle from the very start, having recorded just four league wins all season, and none since February 6.
Bolton’s next game is away to Bristol City on Saturday.