Holloway's future was in doubt after the Foxes were relegated to English football's third tier for the first time in their history.
It had been thought that Holloway's future would be decided at the meeting at the Walkers Stadium today, but Mandar
ic had said earlier in the day that he would "take his time" over any decision.
After a meeting with Holloway, chief scout Gary Penrice and chief executive Paul Aldridge, Mandaric and Holloway have insisted it is "business as usual" at the club.
Mandaric said: ""We talked about where things went wrong and how we proposed to put them right.
"This has been the most disappointing period during my time in football but it has made me more determined than ever to make things work here. We will leave no stone unturned in our quest for success.
"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 will now take what we have learnt today to our next board meeting to discuss with our fellow directors.
"We have to instil a winning mentality here. This club has been going nowhere for the last four years and I am not prepared to tolerate that any longer.
"This has been a very bad time for everyone at the club but I think we can come out of it stronger from the experience if we get things right from now on."
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