Rao insisted that Appleton had the full support of the Venkys family, and he also vowed to do whatever it takes to win over the frustrated Rovers fans.
"Michael Appleton will have the full support of the family. We will do whatsoever to keep him, the team and the fans happy," Rao said.
"Everyone should work together and the positiveness is we should work together and go for the league, this is the most important message.
"I am very positive that one day we will win the hearts of the supporters. We are here to give support to the fans and say we are with them.
"We are looking to take the club up and whatever it takes we will do 100 per cent."
Rao also defended the decision to sack Henning Berg last month, just 57 days after he was appointed to replace Steve Kean.
"The fans liked Henning Berg," he added. "He was a very popular guy. He knew the game, everyone liked him as a manager and he looked brilliant. But unfortunately it didn't click and a decision had to be taken."