The Indian owners admitted that decisions on the future of manager Steve Kean and the playing and backroom staff are yet to be made.
But Rao assured fans that any verdict will not be rushed as the club look to gain promotion back into the top flight at the first attempt.
"Everything is in confusion. In the next month we will have a proper situation to talk about. Let us see what happens,” Rao told Sky Sports.
"We are talking about various things, so many, about the manager, about the players, about staff, about the club.
"Nothing will be said right away today, so I would say kindly bear with us for some time and then the whole picture will be clear."
Kean has been the subject on continued fan protests throughout the season as Blackburn finished in 19th place, winning just eight games all season.
The boss held talks with the owners last weekend, which Rao described as “very honest" discussions.
"I really don't know on that issue," added Rao on Kean's future.
"Talks were very honest.
"Getting relegated is not good news for anybody and the saddest thing is we did. We have to come back at any cost.
"I think there is confusion at this stage. We are still rectifying the whole thing as a club."