Town chairman Dean Hoyle admitted the club "had been caught with their trousers down" over the departure of manager Mark Robins.
And the club owner also stressed that Robins had not been sacked in the wake of the hugely-disappointing 4-0 home defeat at the hands of Bournemouth on Saturday.
He also urged the fans to get behind the club over their next managerial appointment, which he insisted would not be from within.
He said: "The reaction of the supporters is crucial. Their reaction to what we do now tells me what I need to know.
"There are funds available for the new manager.
"Honesty has always been our policy but there is always a chance it will come back to bite you. Perhaps we have said things in the past that have backfired.
"I want to be as open as possible but maybe it has backfired a little bit."
Hoyle was speaking shortly before the Town team, under the caretaker charge of Academy boss Mark Lillis, took on Chesterfield in the Capital One Cup.
