Crowned English champions 22 years ago when they memorably pipped Manchester United to the Premier League title, Blackburn suffered a humiliating exit from the Championship on the final day of the season yesterday.
Rovers won 3-1 at Brentford, but victories for Nottingham Forest and Birmingham City ensured Tony Mowbray's side were unable to escape the bottom three.
Alan Shearer and Chris Sutton, the strikers who scored 49 goals between them in Blackburn's title-winning campaign, pointed the finger of blame at Venky's, with Shearer claiming they "deserve it".
Slammed by Blackburn fans who want them to sell the club, Venky's made a rare public statement today in a bid to convince their critics that the club's relegation is only a temporary blip.
More From This Section
"The owners of Blackburn Rovers wish to place on record their appreciation for the work of manager Tony Mowbray since his arrival at the club, during which time both the performances of the team and results have improved significantly," the statement read.
"This is indeed a very sad situation and we are deeply hurt by these events. We share the same feelings as our supporters.
"Notwithstanding this temporary setback, we are confident that the collective efforts of the team, under Tony's leadership, will enable the club to achieve promotion back to the Championship next season.
"We have all witnessed the events of recent years, where teams have been relegated but have turned their clubs around and emerged stronger, and we are determined to see Blackburn Rovers do the same.