The club has had its struggles on and off the pitch in recent times
Bolton have announced that they have parted company with Neil Lennon by mutual consent.
In a very brief statement on the club website, they said that "all at Bolton Wanderers would like to thank Neil for his contributions during his time at the club".
The club are currently rooted to the bottom of the Championship table with 26 points from 37 games, having won just four matches all season.
Bolton have found good news hard to come by of late, after they have suffered off the pitch and were served with winding up orders and were believed to have debts of over £235 million.
However, a deal to take over the club by the Sport Shield Group Consortium, lead by former striker Dean Holdsworth, was completed at the end of February.
While the total cost of the deal is expected to rise to around £20 million, the group put up £7.5 million to satisfy the court that they could cover the cost of the club's debt, including £2.2 million owed to HM Revenue and Customs.
The club sold their training ground to Wigan and office space around their stadium in an effort to alleviate the financial pressure on them.
Wanderers struggled to pay players and staff in November, at which point Lennon highlighted that there was a chance that there would be a "player exodus" and they would be forced to sell any players who attracted interest from other clubs around the Championship.
Lennon leaves with one of the worst win percentages of recent Bolton managers, with the team 12 points from safety propping up the Championship table.
Bolton manager win ratios:— bet365 (@bet365) 15 March 2016
Dougie Freedman – 35.11%
Owen Coyle – 33.33%
Gary Megson – 27.55%
Neil Lennon – 22.78% pic.twitter.com/Ef6Lc0dPPa