There are probably a number of variables to what happened. The only facts we have is that he had done the press conference for the Charlton game on Thursday, took training on Friday and only then had the meeting with the chairman on Friday afternoon. From there the club then submitted two contradictory statements. On Friday the statement stating that Lovell had been relieved of his duties and then on Saturday morning claiming that the decision was not of the club's choosing.
So they may have fallen out over the budgets for next season, being told that he would play second fiddle to someone else, being told he would be moved on at the end of the season or something else entirely. None of the players have taken to social media at all to wish him well or comment that they should have done more, unlike when JED was sacked so maybe something else happened behind closed doors?
Until Mr Scally does an interview at some point confirming exactly what happened, I guess we never will know for sure unless Lovell becomes very bitter about the whole thing and speaks to a paper which for me, is unlikely.