The 46-year-old paid the price for a poor start to the Championship season, leaving the Trotters languishing in 18th place in the table after three wins in their first 10 league matches.
"It's a hugely disappointing day for everybody," Coyle said. "We have worked very hard for long hours to put a plan in place at the football club for years to come.
"Whoever comes in is going to be a very lucky person to come into a wonderful football club, which has a structure in place that will benefit the club for many years to come."
Coyle feels Bolton were not far away from turning the corner, pinpointing a lack of luck as a factor for only collecting 11 points.
"The performances have been to a high standard, but we have to accept that we have not won as many games this season as we wanted to," he admitted.
"But we understand how football works. I have no doubt the club will go from strength to strength."
Coyle was clearly disappointed Phil Gartside, the Bolton chairman, decided to make the change.
"Anybody who knows us knows how passionate we are about football and how passionate we are about Bolton Wanderers," he said.
"That's obviously been taken away from us today but the club, to be fair, came in and said a decision was going to be made.
"I have always called it straight and the bottom line is they have decided there was going to be a change."