Watford's owner Gino Pozzo and CEO Scott Duxbury have been reflecting on the clubs future following the club's relegation from the top flight.
"We have always said we are here for the long-term and we will not allow this one moment of great disappointment to stop the continued development of this club over the next eight years and beyond.
"That is not to detract from mistakes that were made surrounding the team this season. We have to be scrupulously honest with ourselves and admit our efforts surrounding the team were not good enough.
"There will be lessons learned and changes made but, from today, we move forward. We have to accept a different challenge.
"We will make changes where the team is concerned and those changes will make us stronger, ready to face the challenges that lie ahead and rekindle the passion that has always been a hallmark of this great club.
"In sport, you will always face moments of great disappointment but it's how you react that defines you.
"Rest assured, we will do everything in our power to take Watford Football Club back to the Premier League, something we all believe we can achieve."