Mackay met with Chief Exec Simon Lim, Chairman Mehmet Dalman and other board members on Monday.
The last 10 days have seen a player row over bonuses resulting in Vincent Tan being unwelcome in the dressing room. The suspension and ultimate dismissal of Malky's close friend and head of recruitment Iain Moody. The appointment of the inexperienced 23 year old Kazakhstani Alisher Apsalyamov who is a friend of Tan's son as his replacement and then a couple of days worth of speculation over why Moody was dismissed and whether Malky's position was sustainable.
A club statement on Friday quoted Vincent Tan as saying.
“I have every faith in Malky and his team to lead us through the challenges of the Premier League. I have supported him in the past and will do so in the future for many years to come.
“I would say to all Cardiff City fans and everyone connected to the club, let us look forward to the future and remain united in our support of the team.”
No statement was made after the meeting on Monday but it was widely accepted that Malky would stay in his job as City manager.
Malky's agent said during the day
When asked if Mackay would step down, Raymond Sparkes told BBC Radio Wales: "No, absolutely categorically not. That's not something Malky is contemplating.
"There is absolutely no prospect of Malky resigning from a job that he loves, a job he's ensconced in."
But Sparkes hinted Mackay does not have the full backing of everybody at the club and his future is out of his hands.
"Malky loves being at Cardiff City, has started a job there and feels that he's been given the opportunity to kind of be the architect in some respects of a new Cardiff City," he said.
"But football is a precarious business and Malky's decision to stay might not thereafter be matched by all the powers that be deciding that he should stay, so in some respects that's pretty much in the hands of other people."
On Moody's exit he added: "Both men (Mackay and Tan) have made their positions quite clear but Iain has still been removed from his position and that's not going to change.
"The real question is how do we go forward from here, how do we get things back on to an even keel and not only have a plan for taking the club forward but convince the Cardiff City fans that it's something that they can absolutely rely on and trust in going forward.
"Iain was a crucial member of Malky's team and for anyone who knows Malky or has come into contact with him, he is a tremendous character in every respect.
"No one will be surprised to hear that when a member of his family, if that's what we can call him, has been removed, then Malky on complete morality grounds is always going to jump to the defence of that individual."
A club statement is expected on Tuesday.
Source: Cardiff City Online