West Ham co-owners David Gold and David Sullivan have issued an open letter supporting manager Sam Allardyce, reports BBC Sport.
The struggling Hammers lost 5-0 to Championship side Nottingham Forest in the FA Cup on Sunday, and are currently second from bottom of the Premier League after just one win in 13 top-flight games.
"We know Sam has not lost his ambition or desire and is committed to making West Ham United a great Premier League club," read the owners' letter.
"January is not an easy time to do business but we are pleased to confirm we are close to securing one of our key striking targets," they said.
"A defender is high on the list of priorities as well and progress is being made on that front."
"It is never enjoyable being knocked out of a cup competition and losing by such a large scoreline to a lower division side is hard to take for us all," stated the owners' letter.
"We thought the youngsters gave their all and did not stop trying but in the end Nottingham Forest's experience proved too much for us.
"I know Sam would have loved to have put out a more varied side, with our talented youngsters accompanied by more senior players in the starting XI.
"But many key players are out injured and Sam has been handed a near impossible task of coming through three crucial games in the space of six days with a squad of only 14 fit and available senior players.
"This is not an excuse, it is a fact."
"We are under no illusions as to the seriousness of our current predicament in the Premier League," added the letter.
"But on the board we have a combined talent of running football clubs and we will draw on all of our nous to get West Ham United out of this situation.
"We are all working round the clock to do everything in our powers to help arrest our slump in form."
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