
Cifuentes signed a three-year contract at the King Power Stadium in July but was dismissed after six months with City in the bottom half of the table. His exit came after a 2-1 home defeat to Oxford United - their 11th in 29 league games.
Gary Rowett replaced the Spaniard but failed to keep the club in the Championship. As a result, the Foxes will now play in League One for only the second time in their history.
"The club had suffered two relegations in three years, so obviously the situation wasn't ideal. We were somewhat aware of the challenge we had before us, which was to try to stabilise things a bit, to find a way for the club to be sustainable in the long term because there was also a possible points deduction pending, which ultimately happened, and we knew it was a transition season, and that's what we agreed upon with the club.
"The team started quite well, we were in the play-off zone for a long time, and it's true that from November-December onwards, the team's performance started to dip a bit.
"I think that was also due to the situation we'd been dealing with since the summer, where many players wanted to leave and we had to manage the fact that once the summer transfer window closed, many of those players were still at the club.
"The uncertainty for the squad, and even for the fans, regarding the possible points deduction, which we didn't really know what was going to happen, meant we tried to focus a lot on the day-to-day, on doing the best we could on the pitch, because I think that was our responsibility.
"I think that whole period of transition and uncertainty took its toll on the team. It's true that in January we believed it was very important to strengthen the team, to make some changes. It's also true that we sold players during the summer for quite a bit of money.
"I think the club received a lot of money from transfers and we were the only team in the competition along with Sheffield Wednesday that didn't spend a single pound on signings.
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"All of that eventually took its toll, and it's true that we left with the team fighting to get into the play-offs, and since our departure, unfortunately, because Leicester is a very good club, a big club with a lot of history, and it's a shame that things didn't go very well and in the end the team ended up being relegated."
After Andy King took charge of three league games, collecting zero points, Rowett was appointed to see out the remaining 14 games of the season. He suffered just four defeats in the time but managed only two wins.
Looking back, Cifuentes is "certain" he would have steered them away from trouble had he not been dismissed. "Yes, I'm absolutely certain that with us, the team was far from the relegation zone," he added.
"Given that the objective was a year of stabilisation, a transition year where many players' contracts were expiring, and where we needed to give playing time to the young players, as has always been part of my philosophy and my career.
"I'm convinced that if we had continued, the team would still be in the Championship. But ultimately, as a manager, you have to respect the decisions the club makes. It's a shame because I understand that sometimes we're in the weaker position as managers, and I understand that the club made the decision looking to improve, to try and get into the play-offs.
"But the reality is that I think the club won, I don't know if it's two games out of 20 or something like that since we left. Obviously, in a league like that, if you get into a bad run, for better or for worse, with so many games, if you have a good run, you climb very quickly, but if you have a bad run, it's true that you start to drop a lot in the table."
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