Manager Joe Royle has given David Sheepshanks his backing and has called on fans to stop protesting against the chairman.
Royle said: "The protests should stop. Ipswich are an example to others of how clubs should be run. They always have been, and it is no different now. I can understand the frustrations, we are in the entertainment business and we did not entertain on Saturday.
"But it is not the answer. The chairman is a totally dedicated Ipswich supporter and will be for the rest of his life. His honesty and dedication cannot be questioned and he is working overtime in difficult circumstances.
"David is being penalised for trying to make Ipswich a better club in 2001 after they finished fifth in the Premiership. The club then became the victim of totally unforeseeable circumstances that placed them in a financial position that we are now all battling against. He has the club at heart and is up there with the best chairmen I have worked under."