Milan Mandaric had denied reports that will walk away from Leicester City after the club were relegated to Coca-Cola League One.

The Serbian-born businessman yesterday hinted that he might walk away from the club after dropping into the third tier for the first time in their 114-year history in the Football League. Not much has gone right for Mandaric since he arrived at the Walkers Stadium in February 2007, but he is refusing to walk away, insisting there is still work to do.

He said "I am not going to leave the club. We have to look forward, reorganise and get back into the Championship.

"I will hopefully learn if there have been mistakes on selection and will probably correct those and make better ones if that is needed to be done. I am bitterly disappointed. The only thing we can get out of this is to become a stronger club going forward, stay united and reorganise ourselves and build a strong base. If people trust me I will always come through for them and I think this will be the same."

Mandaric added: "If I said I didn't have regrets I would be lying to you. You don't have to be Einstein to figure out we are in the business of results and the results aren't there. We have see what was done right and wrong, correct it quickly and immediately and go forward to win games and show Leicester City in a new colour."