Mike McGinnity has admitted to the BBC that Peter Reid did resign.
He said: He added: "I came back from Dubai on Thursday knowing that Peter wanted to talk, I thought it would probably be about a couple of new players he wanted.
"But he just told me he thought he had gone as far as he could with the players he'd got here.
"He asked me if we could say the decision was by mutual consent and I was happy to go along with it.
"I didn't want the fans thinking I'd sacked yet another manager."
So He did Resign
The club will be holding a Board meeting on Saturday morning at which the new manager and Mr McGinnity's position at the club will be discussed.