Parkinson, who was hired in 2016, guided Bolton to the second-tier Championship in his first season but financial mismanagement nearly led to a winding-up order before first team players boycotted games over unpaid wages last season.
Bolton have been in administration since May and started the season with a 12-point deduction and Tuesday’s match against Doncaster Rovers was postponed by the English Football League (EFL) over concerns about the welfare of young players playing for the first team.
“It is with great reluctance that Bolton Wanderers Football Club has accepted the resignations of manager Phil Parkinson and assistant manager Steve Parkin from their positions at the University of Bolton Stadium,” the third-tier club said in a statement here
“During what has been one of the most challenging periods in the club’s existence, both Phil and Steve conducted themselves with the utmost professionalism and dignity throughout.
“Everybody at Bolton Wanderers would like to thank Phil and Steve for their dedication and loyalty and we wish them the very best for the future.
“ They leave the University of Bolton Stadium with their heads held high.”
The club said academy manager Jimmy Phillips has been appointed to take charge of the first team on an interim basis.
edited by Sadiya Hamza