West Ham co-owner David Sullivan has admitted the appointment of Avram Grant as the club's manager last summer was a "bad selection" by the board.
The Hammers' relegation from the Barclays Premier League was confirmed on Sunday after they squandered a 2-0 lead at fellow strugglers Wigan to lose 3-2.
West Ham wasted no time in removing Grant, the Israeli dismissed within an hour of the final whistle at the DW Stadium, and Sullivan said the board is clear on what they expect from his successor.
"Avram is a lovely person but the results sadly speak for themselves that it was a bad selection by the board," Sullivan told The Sun.
"We all share some blame for the results - the board, the manager and the team.
"However, the team can only play the tactics and formation they are asked to play.
"We want a manager who will get the best out of the squad and foster a strong team spirit."
Sullivan also moved to ease fears that relegation from the top flight would have dire financial implications for the club.
"Debts will fall as we [the owners] will put in more money," he said.
"The financial burden to us and our families will rise, not the debts of the club."