The board has released a statement after meeting with the fans' committee and while addressing a number of issues, concern over the team was part of the focus.
It's been suggested the message could increase pressure on manager Graham Potter.
Part of statement read: "First, we accept that results and performances on the pitch over the past two seasons have not met the standards we set for ourselves.
"Nobody at the Club is satisfied with that and the Board of Directors have spent a great deal of time looking at the decisions that have been made across the football operation, in order to inform an improved strategy going forward.
"Our focus now is firmly on the future and building a team that can once again compete consistently in domestic competitions and in Europe. We have a strong platform from which to continue that quest, in that we are entering our 14th consecutive season in the Premier League – our longest unbroken top-flight run in the modern era."