Bolton Wanderer's new chairman Ken Anderson says the club are down to a shortlist of three candidates in the search for their next manager.
Speaking to the media for the first time today Mr Anderson told ITV Granada that former player and bookies favourite Phil Brown has not applied for the job.
As the club prepares for life in League One following relegation from the Championship he also said he'll be meeting with the squad to ask them directly if they want to be part of their campaign next term.
Wanderers will be playing in the third tier for the first time since 1993 after their demotion was confirmed on Saturday and the attention of Anderson and co-owner Dean Holdsworth has turned to transforming the squad for a tilt at promotion.
Anderson, who has revealed there have been 50 applications for the managerial vacancy at the Macron Stadium, has warned that there will be inevitable departures this summer.
Anderson is keen to offload those players who have no desire to follow the club down a division, though he is likely to face the same problems the previous regime encountered in moving on higher earners.
However, Anderson will seek answers from his players during a face-to-face meeting and added he has no intention of paying off contracts just to offload want away players.
I think the honest answer is we all know a number of players are going to leave.
My first thing today is asking the players - who wants to be here and work with us next season? I'm sure there will be some that do and a few that don't. The biggest thing to manage is the players with the biggest salaries and whether we can find clubs who will take them.
Several of them won't want to be here because they won't want to play in League One, they will want to play in the Championship. Their salary bands will probably ensure it's not going to be an easy job to find another club.
If the player doesn't want to be here, we don't want them to be here. We'd rather they move on.
What we won't be doing, if we can control it, is we're not going to pay players large amounts of money to leave - a compromise agreement.
If it comes to the stage where a player's on £20,000 a week and finding a club who are offering 15 and the player and his agent are saying, 'I want you to pay the £5,000 shortfall for the next two years'. We're not going to do it.
We will try and get the player out on loan and if he goes out on loan I may have to subside, which I don't want to do, but it's a lot easier to find £5,000 a week than £500,000 in one go.
If I pay all the players off that want to go we won't have sufficient funds to bring in the players we want to bring in.
Sky Bet Championship club Bolton say they have parted company with manager Neil Lennon, by mutual consent.
"Bolton Wanderers can announce that the club have today, Tuesday 15 March, parted company with manager Neil Lennon by mutual consent.
"All at Bolton Wanderers would like to thank Neil for his contributions during his time at the club.
"Academy manager Jimmy Phillips will take charge of the first team on an interim basis."
Bolton's new chief executive and former captain of the club, Dean Holdsworth, says he hopes this week's takeover will inspire the team to avoid relegation from the Championship.
Holdsworth is part of the Sports Shield consortium which completed its purchase of the club this week, saving Wanderers from administration.
A consortium has completed the take-over of Championship side Bolton Wanderers.Read the full story ›
Bolton Wanderers have been given more time to pay a tax bill, after a court hears of"significant progress" in plans to sell the club.Read the full story ›
Bolton Wanderers are due back in the High Court over a winding up orderRead the full story ›
Bolton Wanderers manager Neil Lennon says he's confident the club will secure a takeover before their date with the High Court on Monday.Read the full story ›
Phil Gartside sadly passed away yesterday, and today we've been hearing from those who worked closely with him.
Former Bolton manager Sam Allardyce described the news as 'devasting'.
Meanwhile the club's current manager Neil Lennon hopes his players can honour the long-serving chairman by avoiding relegation from the Championship.
Chris Hall reports.
"It's sad news for all of us" - Bolton owner Eddie DaviesRead the full story ›
Bolton players past and present were among those to pay tribute to long-serving chairman Phil Gartside, who has died at the age of 63 after a battle with cancer.
On the Wanderers board since 1988, Gartside served as club chairman from 1999 until stepping away from his duties in November due to illness.
Sports stars and celebrities took to Twitter to pay tribute.
Rip Phil gartside prayers go out to his family
Wigan forward Craig Davies, who left Bolton last summer, said: "Sad to hear about Phil Gartside was always a top bloke with me. My thoughts are with his family".
Birmingham left-back Paul Robinson, who played for Bolton between 2009 and 2012, posted: "So sad hearing the news that Phil Gartside has passed away. My thoughts and prayers go out to his family #RIP #bwfc".
Andy O'Brien, a Wanderers signing back in 2007, said: "RIP Phil Gartside @OfficialBWFC".
Rob Hall, currently on loan at MK Dons, tweeted: "Thoughts go to Phil Gartside's family! Was a great man and always great towards me! @OfficialBWFC".
Phil Gartside lived for BWFC and poured his passion and emotion into the club. He was a friend and someone I will always hold in high regard
So sad to hear of the passing of Phil Gartside. Fantastic man and will be sadly missed https://t.co/gaUhMRzmcl
RIP Phil.A man who lived and breathed BWFC and the Town of Bolton .He will be greatly missed..Not just as a chairman but as a good friend.
Just heard the sad news about Phil Gartside. My deepest condolences to all his family. Will always be remembered - a Bolton hero