Wolves executive chairman Nathan Shi vowed the club knows how to recover after relegation from the Premier League was confirmed.
The club's eight-year stay in the top flight ended with five games remaining this season after West Ham earned a point at Crystal Palace on Monday.
Wolves have won just three times in the Premier League this season and are bottom with just 17 points from 33 games.
Shi said: "We are clear on what needs to improve and our focus is now on strengthening the club, building momentum and creating a team our supporters can believe in. We know what is required and will approach the months ahead with purpose.
"We know this season has tested your loyalty and patience. Your backing, home and away, has not been taken for granted. You deserve better and giving you a club you can genuinely be proud of is what drives everything we do from this point forward.
"Confirmation of our relegation is a difficult moment for everyone connected to Wolves.
"While this is a deeply disappointing outcome, work has been under way since my arrival in December to ensure we are ready to respond with clarity and conviction."
