Chief Executive Paul Aldridge is convinced that the good times can return to Leicester City.

The Foxes were relegated to the third tier of English football for the first time in their 124-year history on Sunday when they drew 0-0 at promoted Stoke City, while Southampton defeated Sheffield United 3-2 at St Mary's.

City are now facing up to life in League One but Aldridge, who was appointed CEO by Chairman Milan Mandaric back in late January, is confident that the club can bounce back to the Championship at the first time of asking.

He said: "Understandably, everyone connected with the club is desperately disappointed at this moment in time but the sad facts of the matter are that the league table doesn't lie.

"Despite the huge investment by Milan on the playing front, we have simply not been consistently good enough over the last nine months.

"Milan is bitterly disappointed and feels for each and every supporter of the club. Of course, this was not the plan he had in mind for the club when he took charge just over a year ago.

"But he will be back in the country later this week and is determined to come back fighting and help this club bounce back.

"He is a winner, not a quitter, and I will support him in every way I can.

"We will now quickly reflect on our position and then get fully focused on the important job of initially returning to the Championship and our long term objective of regaining our Premier League status.

"I have already arranged a meeting with Ian and his senior staff to review the mistakes that have been made this season and consider any changes that need to be made to ensure a quick return to the second tier of the game."

Aldridge spent over 10 years at West Ham United - seven of those as Managing Director - and has a wealth of Premier League and Championship experience under his belt.

As a result, he is no stranger to the sort of predicament the Foxes currently find themselves in.

He added: "I have been in this position before and hopefully the club can benefit from my experience within the game.

"I was the MD of West Ham during the 2002/03 season when we were relegated from the Premier League with the highest ever points total, and like now, it seemed like the end of the world.

"We worked extremely hard and returned to the top-flight two seasons later through the Play-Offs in a much stronger position.

"In that first season we finished seventh in the league, reached the FA Cup Final and qualified for Europe.

"During that period we also addressed our huge debt following ground redevelopment and turned in the best operating profits in the club's history.

"I say this only to give our fans the encouragement to stay positive. Unlike most businesses, the football industry can turn quickly and we are determined to bring success back to Leicester City."

Aldridge has therefore urged the fans to stick by their beloved club and continue to demonstrate that unprecedented level of support.

"We have the fundamentals required to become a top club - a great fan-base and an impressive infrastructure whilst our Academy set-up is one of the best in the country and will continue to prove to be vital.

"I would ask that you play your part in our revival; your continued loyalty is crucial from both a financial and team support perspective.

"The proof of how strong a relationship really is is always tested to the maximum during times of adversity.

"Milan has already reiterated his commitment to the club and despite your obvious disappointment, I just hope you do not desert him after he has devoted so much time, money and personal sacrifice in such a short period of time."