Chairman Paul Ellis told the Evening Post: "I said at the time he was appointed that, while perhaps not in terms of the football, he was the right choice in terms of being the man to get the results we needed.
"I still believe that is the case, it is too early to start talking about changes.
"I see a lot of other fans saying that it is time for him to go, but there are two things you have to ask.
"Firstly, who would you replace him with and secondly, is it all down to him anyway?
"He has to take responsibility, ultimately, because he is the manager. But there are players out there who are presumably earning a lot more money than most other players in this division.
"Some of them are players who Megson has brought to the club himself, but the whole squad are failing to do their jobs at the minute.
"The expectation this season was that the team would challenge for promotion, which seemed a realistic target with the squad and the resources they had.
"That has not happened and somebody has to take responsibility for that, somebody has to change things. That is down to Megson, but it is also down to the players."