Leicester City manager Nigel Pearson admitted he couldn’t think of a worse way to exit the play-offs after Troy Deeney’s 97th minute winner secured a memorable and dramatic 3-2 aggregate victory for Watford against the Foxes.

The tie was level at 2-2 in second half stoppage time and in the 96th minute Anthony Knockaert tumbled in the area following minimal contact from Marco Cassetti. A penalty was awarded.

The next 60 seconds were pure theatre. Knockaert decided to take the spot kick and his low shot was saved by Manuel Almunia’s legs. The Leicester winger then missed the rebound; Almunia brilliantly blocked his close range effort.

Cassetti smashed the ball clear. Ikechi Anya instantly controlled the clearance and set up a counter-attack. He slid the ball into the path of Fernando Forestieri and the Argentine crossed to the back post.

Jonathan Hogg met the cross and unselfishly headed down for Deeney who fired his half-volley home.

Pandemonium ensued at Vicarage Road. Watford had secured their spot in the Championship play-off final in the most remarkable fashion.

Leicester players and staff were understandable disconsolate after the game.

“I can’t think of a worse way to lose to be honest,” Pearson said.

“I think the penalty was quite a generous decision. There was marginal contact but to then concede off the save is very tough for the players to take.”

The Foxes manager said Knockaert was distraught at full time and added: “What happened after that compounded the misery of missing the penalty. But that is the nature of the beast. It can be a very cruel game at times.”

Leicester held a 1-0 lead going into the second leg but that was cancelled out by a stunning Matej Vydra volley.

David Nugent then put the Foxes back ahead with a header but a second half strike from Vydra again levelled the tie before Deeney’s late winner.

Reflecting on the game, Pearson said: “Watford created some decent chances in the second half. I don’t think they were particularly dangerous in the first half; having said that they scored an excellent goal.

“In the second half they dominated possession and we didn’t manage the ball as well. So we did concede quite a bit of territorial advantage and possession.

“Ultimately for it to be decided on a cruel twist like that is hard for everybody associated with Leicester to take.”