The Blackpool board has accepted "full responsibility" for the club's current plight after they were relegated to the fourth tier of English football on Sunday.
The Seasiders were thrashed 5-1 by Peterborough United on the final day of the season at the weekend to confirm back-to-back relegations that will leave them playing League Two football next season.
Blackpool were a Premier League club just five years ago, but the intervening seasons have been blighted by protests against chairman Karl Oyston's running of the club.
"Everyone at Blackpool Football Club is deeply hurt and disappointed to have experienced relegation to League Two. The board takes full responsibility for the position we now find ourselves in. An urgent board meeting has been called to discuss the club's future and implement plans to halt further decline," read a statement from the club.
"Mistakes have been made in the last few years and we continue to pay for some of them, whilst learning from others. The club virtually overhauled its playing squad last summer and changed its philosophy on contracts to ensure longer-term stability, while investing in younger players to develop.
"Although the policy hasn't immediately come to fruition in terms of results on the pitch, the nucleus of a young side remains and the rebuilding work starts immediately to make a swift return to League One. We understand that the supporters care passionately about the club and want to see it succeed. Fan representation on the board has already been initiated.
"A democratic process for fan board membership will be implemented for the coming season and it is hoped that the fans will have a large say in shaping future policy. It has been proposed that areas of control will be devolved to the FPG (Fans' Progress Group) so that fans have a level of influence that has previously been absent. There are financial implications that apply to competing in League Two next season and we must comply with Football League rules.
"Operations will now be reviewed over the summer, however there is a determination to bounce back and achieve the results required with the right personnel to deliver this. The board does not underestimate the challenge ahead and will now re-focus its energies to rectify things on-the-pitch and try to repair some of those off it, whilst sadly accepting that some of the issues may not be curable. We look forward to working closely with the club's supporters to begin a positive resurgence."
The Tangerines picked up just one point and scored only one goal in their final five matches of the League One season.
