Milan Mandaric, the Leicester City chairman, is to "take some time" before making a decision over the future of Ian Holloway.

It had been expected that the former Plymouth Argyle manager would meet Mandaric today to discuss his position after Leicester were relegated from the Coca-Cola Championship last weekend. A 0-0 draw at Stoke City was not enough to prevent them from dropping to the third tier of English football for the first time in their history and immediately raised speculation over Holloway's future.

Holloway left Plymouth in November to take over at the Walkers Stadium - and became the fifth manager of the club since Mandaric took over in February 2007.

Mandaric now insists he will not make any hasty moves as the club face up to life in League One. "What happens next is probably the most important decision I have to make, and I will be taking some time over it," he said. "And it is not about individuals but for the overall good of the club.

"This [relegation] should never have happened, and we will discuss all the reasons for it before making any hasty moves.

"I want to take some time to organise myself, look at the whole structure of the club which, like a broken record, I have said many times was built on sand.

"When I came here I thought I could do so much, spend money on players and back the manager, but it just has not worked out and we have to find the reasons for it and then move on."