Watford’s owner and chief executive have said that while their efforts surrounding the team were not good enough this season, relegation from the Premier League should not erase the achievements of the last eight years.

Watford, whose five-year stay in England’s top-flight came to an end on Sunday, had four different managers over the course of a turbulent season.

“We will not allow the core values of Watford FC to become diluted simply because we are not playing in the Premier League,” owner Gino Pozzo and chief executive Scott Duxbury said in a joint statement.

“Everything we have achieved as a club over the past eight years should not be forgotten. That is not to detract from mistakes that were made surrounding the team this season. We have to be honest and admit our efforts 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.”