Mandaric issued a message to Leicester supporters via the club's official website following the news that he had granted Megson permission to speak to Premier League strugglers Bolton regarding their vacant managerial position after an afternoon of protracted compensation negotiations.
The statement read: "Gary decided that he wanted to speak to Bolton. We have agreed compensation and we move on.
"This is something that was not planned. We have worked tirelessly to prevent this from happening but in the end there was nothing we could do. Gary's heart was not in this football club anymore.
"It is important that we all remain focussed on our common goal. We must channel all of our energy and desire into making sure that this football club continues to move forward.
"As supporters of this football club I need to ask you to keep believing at this difficult time. Our original plans and objectives still remain the same. They have not changed.
"There is an old saying - it is not the loser who goes down, it is the loser who does not get back up again. This football club and its supporters are not quitters."