Bolton have parted company with Neil Lennon just days after Dean Holdsworth's takeover.
Wanderers are bottom of the Sky Bet Championship and 11 points from safety following Saturday's 2-1 home defeat to Preston.
They have won just four league games all season and Lennon departs having won just 18 times in 80 matches in charge.
The Championship club had been operating under a cloud of uncertainty for over four months before Holdsworth completed his takeover with long-time owner Eddie Davies, whose decision to withdraw his financial backing left the club teetering on the brink of liquidation.
Lennon, like Dougie Freedman before him, therefore had to make cutbacks to his squad and wage bill while being unable to bring in any players since a Football League embargo was imposed on the side at Christmas.
Striker Emile Heskey, who played with Lennon at Leicester before reuniting with him at the Macron Stadium, concedes those factors made the job challenging for the former Celtic manager.
"It's been a difficult time for the whole club, him as well," he said.
"We haven't got the players that he probably would have liked to have brought in. We're working on a shoestring really.
"He showed last year he could still produce on a shoestring, but we've still had to cut it from then. It's been very difficult.
"We've actually played some good football, it's just that final third we haven't really got it right. We know that in general we're struggling to keep the ball out of our net."