Reading chairman Sir John Madejski, speaking at the sport's Soccerex forum, says he would not have sacked former manager Brian McDermott.
"I was sad to see Brian McDermott go, I would have kept him," he said.
Madejski added that he respected the decision made by owner Anton Zingarevich.
The Royals chairman sold 51% of the club to a Russian consortium, headed by Zingarevich, in January 2012 and stepped down from his position as owner four months later.
Madejski said that some Royals fans would be more content watching their team in the Championship.
"A lot of fans will be happy to see us in the Championship, because they think it's a more interesting league," added Madejski, who was speaking at the sport's Soccerex forum.
"The Premier League is a bit of a procession."