Charlton Athletic chairman Richard Murray has admitted that appointing Iain Dowie as Alan Curbishley's successor in the summer was a mistake.
The Addicks axed the former Crystal Palace boss in November following the club's poor start to the campaign and promoted Les Reed to head coach.
However, results have failed to improve, with a 3-0 home Premiership defeat to Liverpool on Saturday, followed by an embarrassing Carling Cup loss to League Two side Wycombe Wanderers.
But Murray said: "Les (Reed) is getting hammered at the moment and it's a tough spell for the club. Very tough.
"We have to see some changes on the pitch - we were awful against Wycombe. But those who watch Charlton regularly will say maybe it was the same under Iain Dowie. Maybe we haven't got a good enough squad.
"At the moment, we're carrying on as we are. We've got three key games coming up against Middlesbrough, Fulham and Aston Villa - and then we'll make some changes to the team in January.
"It's unfair on Les at the moment. His current record is similar to Iain's - not good enough. But are both managers at fault? Or maybe there's not the right balance in the squad.
"We'll spend some money in January but we'll have to wheel and deal, although we definitely won't be selling Darren Bent. We spent a lot of money in the summer - £11million we didn't have to spend.
"We backed Iain, they were Iain's signings - but I'd never heard of (Souleymane) Diawara, apparently the best centre-half you've never heard of.
"For a club like ours to spend £3.7million on one player like that is a fortune. Some people must not just look at Les but what went on before.
"Also, maybe Alan Curbishley had that ability of getting a bit more out of some players than his successors have."