Former Blackburn striker Kevin Gallacher says Steve Kean's position as manager is becoming untenable as the Ewood Park club sink "into the abyss".
Kean's side were beaten 2-1 at home by Bolton to slip below the Trotters at the bottom of the Premier League.
"To me, it's now becoming untenable," Gallacher told BBC Sport.
"At this moment in time the club is going into the abyss. There's a fear factor about what's going to happen to the club. I'm very worried about it."
Blackburn have won just two of their 17 league games this season and sit at the foot of the table.
Large sections of their fans have been calling for Kean to go throughout the season.
The Scot has managed only seven league victories since being appointed by Venky's in December 2010.
Gallacher is particularly critical of the Indian owners and doubts whether anyone would wish to replace Kean under the current regime.
"Who is going to take the job?" said the ex-Scotland international. "They know there's nobody at the club to help Steve. Who's to say there's someone experienced or inexperienced who's going to do it any better?
"There's a fear factor about what's going to happen to the club, whether Steve leaves or not, whether he continues under the bombardment of abuse he's getting.
"If a manager comes in, he's going to be working under the same circumstances as Steve, and I can't see that changing.
"The big question if they get someone else in is what's the next stage? When there's nobody running the football club from internally, it makes it twice as hard."
Of Venky's, Gallacher added: "I don't see what they're coming into it for. To me, they've come into football with their eyes wide shut, not open.
"They don't understand the game and they don't understand the people of Blackburn."