London - Manager Ian Holloway has parted company with Crystal Palace on Wednesday, his exit coming less than 48 hours after a 4-1 home defeat to Fulham left the Premier League club second from bottom.
Holloway was leaving "by mutual consent', according to the struggling Premier League side, Monday's crushing loss having left Palace with a meagre harvest of three points from eight league matches this season and speculation rife over Holloway's future.
They are languishing second from bottom with only one-point Sunderland, who sacked Paolo di Canio last month, below them.
Palace co-chairman Steve Parish announced the news at a hastily-arranged press conference in central London, insisting that 50-year-old Holloway left "with his head held very high".
Parish said: "Ian's contract at Crystal Palace has come to an end by mutual consent
"Ian felt that a new approach might help keep us in the division.
"I've enjoyed every minute of working with Ian.
"He leaves our club with his head held very high.
"I'd like to put the record straight.
"We've never fallen out.
"We've worked together brilliantly.
"We feel we need to move on to progress."
Holloway said: "I have pride in the job we've both done.
"It wasn't easy.
"If Steve's last manager (Dougie Freedman, who left for Bolton) wasn't headhunted I wouldn't have been here.
"We need to shut up shop in this division.
"At the minute we've got a whole new group there.
"Part of my talking with Steve was about am I the one with the energy left?
"I have to hold my hand up and say we didn't keep the spirit that got us up.
"We changed too much too quickly."
Prior to Palace Holloway had managerial spells with Blackpool, Leicester and Queens Park Rangers.
Possible names in the frame to replace him at Selhurst Park are former Stoke boss Tony Pulis, former Rangers and Scotland boss Alex McLeish, Roberto di Matteo, who guided Chelsea to the 2012 Champion s League title, veteran Neil Warnock or Wales coach Chris Coleman.