Speaking at a press conference, the managing director explained that despite coming under much criticism, Kean and the team were performing well this season, having only lost one game in the current Championship campaign, but believes the strain became too much for the departed coach.
"It is a very ticklish question. I don’t think Kean’s departure has come too late. When he left, we had only lost one game this season I believe, and we were doing well. The pressure to do well was high on him, and eventually it got to him, and he resigned," said Rao.
"Four-to-five per cent of people are never satisfied. They always want changes at the club, but as fans they have the right to express their wishes."
Despite being manager-less, Rao believes the club are constantly developing and improving and the structure now in place has put the Lancashire outfit in a strong financial position heading into the future.
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"Financial implications of relegation are of course huge. But we have the resources and the willpower to cover up these losses. If you make such huge investments, you have to be prepared for such eventualities.
"I think no other club has invested as much in the Championship, as we have. We are nobody to win them [the fans] back, but results will help us move forward."
The Rovers co-owner refused to reveal any information regarding the club's managerial targets, but instead decided to concentrate on the progress being made, pointing towards a prospective new academy.
"Actually we are having a good look at the options and David [Lowe, Youth Coach at the Blackburn Rovers Academy] will agree that it is not an easy job. In the next fortnight, we will finalize the appointment. There were some early contenders, but it was not possible to get through to them.
"Yes, progress has been made on that front. The model and plans for that academy are in place, though the exact venue is yet to be decided. The hunt for man power is also currently on and we are taking it a step at a time."
Rao also revealed that an initiative in India has resulted in seven youngsters recently arriving in Lancashire for a two week training opportunity at the club’s academy.
"Blackburn is a prestigious club, one of the oldest in England and I think it is a matter of great pride for Indians that we own it. Therefore it also important that we return to the Premier League in the first attempt, after which perhaps we could return for a tour of India."