Schwarzer lays the blame squarely at Khan's door, although he believes the decision to allow Danny Murphy - who is now one of the five-man panel selecting the new manager and has said he wants the job - to leave was symptomatic of what went wrong at Craven Cottage.
"This wouldn't have happened under him [Fayed]," said the Australian, who is now at Chelsea.
"He ran the club so successfully for such a long period and he created that environment and helped bring that back in to the club. He helped enhance that environment from when they were in League Two to the Premier League.
"As for Murph, he is someone I believe shouldn't have been allowed to leave the club in the first place.
"He would have added so much to the club over a long period of time and would still be involved now. With someone like him involved from his period as a player to his post-playing career I don't think the club would have been in this position."
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