I posted months ago that Les wouldn't sack MP as he would be doing what's best for him rather than the club. An admission that he'd messed the appointment up would be bad for his career, better for him to wait it out and hope that the situation improved.
It's gone beyond that now. As far as Les is concerned, do nothing, and not only is he the person who got the appointment wrong. He is also the person who stubbornly stuck by a manager with no gameplan whose tactics seem to be ridiculed by ex-pros week in week out. A fractured dressing room. Supporters whose morale is as low as it was under the bad old days of Lowe. And an inability by MP to stop making the same mistakes every game.
If he gets rid now, he can spin that he's given his manager a fair crack of the whip but he has to make the best decision in the club's interest. At least if we go down, he can turn around and say he tried to stop fiddling while Rome burned (months after he should have done, but we can still get out of this mess).
To stubbornly stick by him, in my opinion, is accepting the most ridiculous self-inflicted relegation.