I would have gladly cleared his desk out over the weekend but having had time to reflect, I don't think it's a bad thing giving him a crack at getting us back up. I suspect a few others on here would vote differently too, now that the dust has settled.
It's all very well comparing his situation to that of Bowyer at Blackpool but don't forget, Bowyer had already managed over a hundred games at Blackburn under the Venky's, so I'd say he's better prepared than most when it comes to dealing with off-field nonsense.