A holesaw mandrel assembly has a mandrel with a first shanking end, a body, and a second extending end which includes a threaded spud to receive a holesaw. A first member is secured on the second end. The first member is axially slidable on the second end. The first member also includes a friction surface to contact the holesaw. The friction surface moves between a first contacting position and a second release position. A mechanism on the mandrel moves the friction surface between the first and second positions.