Hull City head coach Grant McCann has been backed to win the Tigers promotion straight back to the Championship, by vice-chairman Ehab Allam.
McCann's side were relegated to League One on the final day of the season after losing their last six games.
In an open letter to supporters, Allam admitted that the club had learned "some very hard lessons" last term.
"We firmly believe that Grant McCann is the man best placed to lead our fightback," Allam said.
"Undoubtedly, we have struggled since the turn of the year and everyone at the club shares the blame for that, myself included.
"Grant is an excellent, hungry young manager and is desperate to right the wrongs of last season and we are giving him our full backing to do that.
" Allam also reflected on the sales of star players in January, which included the departures of top scorer Jarrod Bowen to West Ham and playmaker Kamil Grosicki to West Brom.
Hull only won two of 21 league games in 2020, losing 16 of them, and finished bottom of the Championship.
"Off the pitch, we concluded transfer dealings which were financially very good for the club but, on the flipside, a disastrous second half to the season led to a relegation fight which, despite the hard work from players and coaching staff, sadly ended in relegation to League One," Allam added.
"Across the club, we have reflected on last season and, with some very hard lessons learned, the focus of everyone is on ensuring we give ourselves the very best chance to bounce back to the Championship at the very first opportunity.
"We understand the discontent at the moment.
Last season was far from good enough and our fans and partners deserve better and we are all working hard to put things right.
"Recruitment over the coming weeks will be crucial in.
giving Grant the tools he needs for a successful League One campaign.
"There is a lot of youthful promise in the playing group as it stands and one of our priorities in the transfer market is to add the experience and nous necessary to further develop that potential.
"Talk is cheap at the moment, but we will be using the disappointment we all suffered to spur us on as we look to deliver the actions that are now required – effective recruitment, a strong pre-season and an aggressive start to life in League One.
" The Tigers will play in the third tier for the first time since 2005, having spent five years in the Premier League since then, over three separate top-flight spells.