Leicester were 17th when Holloway took over in November

Leicester City boss Ian Holloway has been told it is "business as usual" at the club, as chairman Milan Mandaric reviews his position.

The pair had a meeting on Monday amid reports that Holloway would be sacked after City's relegation to League One.

Holloway told BBC Radio Leicester: "As far as Milan is concerned it is business as usual.

"It was a very constructive meeting. Everyone has said certain things about him but it hasn't happened."

Next season will be the first time in Leicester's history that they have been outside the top two flights.

Holloway added: "We had some frank discussions, maybe that's what's been needed all along. The mentality of this group [of players] isn't right. We need to look at that. Luckily for us, a lot of the things we spoke about struck a chord with each other.

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"There has been a problem with this group for four years. We've got to sort it out and come bouncing back.

"We both want to do what's best for the club. It's only a week since we were relegated and the wounds are still fresh on all of us. Hopefully that'll clear the air and we can move forward."

Mandaric told the club website: "This is not about individuals - it's about what is right for the club. This discussion was the first in a long line of meetings that will occur. We have to cover every base in our attempt to get it right.

"We [Mandaric and chief executive Paul Aldridge] will take what we have learnt here to our next board meeting to discuss with our fellow directors.

"We have to instil a winning mentality. This club has been going nowhere for the last four years and I'm not prepared to tolerate that any longer."