"This decision has been taken following a proper investigation of an incident which happened on 18 July at the club's training camp in Finland."
Wise was immediately sent home by manager Micky Adams after the incident in Finland and told to stay away from the First Division club's new Walkers Stadium and training ground.
It soon became clear that George was looking to take a tough stance against Wise but the club was at pains to ensure it carried out the procedure in a correct manner.
After an initial meeting between George and Adams, the club held an inquiry last Friday, when Wise attended along with his legal representative and an observer from the Professional Footballers' Association.
Then came the board meeting 48 hours ago before Wise and his representatives were advised of the action taken against him.
Leicester are bracing themselves for a possible legal fight with Wise over the monies available to him for the remaining 24 months of his contract.
Wise had already been made available on a free transfer before the incident, along with Matt Elliott and goalkeeper Tim Flowers, because of the club's need to cut costs after their relegation from the Premiership.
Wise's career has always been controversial. On the field it has been littered with red cards and punchups while away from football he was accused of attacking a taxi driver and damaging his cab. He was originally sentenced to three months but the conviction was later overturned.
Sir Alex Ferguson once famously said the former England international could start a fight in a room on his own.
