Nathan Shi has wasted no time in releasing a statement after Wolves' relegation from the Premier League was confirmed on Monday night.The Molineux side have endured a wretched campaign, picking up just 17 points so far this season.Vitor Pereira started the campaign as the man in the dugout, with Rob Edwards then replacing him in November.But neither man has been able to stop a regression that has now cost them their top-flight status, following West Ham's goalless draw away at Crystal Palace last night.TRENDINGStoriesVideosYour SayWolves used to be a side with quality all over the pitch.Yet ever since the departures of key players such as Ruben Neves, Joao Moutinho and Raul Jimenez, they've slipped further and further down the table.It's clear the club needs a rebuild and chairman Shi has now released a statement insisting they'll focus on bringing in the right reinforcements this summer."Confirmation of our relegation is a difficult moment for everyone connected to Wolves," he said."While this is a deeply disappointing outcome, work has been underway since my arrival in December to ensure we are ready to respond with clarity and conviction."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.LATEST SPORTS NEWS:Scottie Scheffler makes admission about American spectators after RBC Heritage defeat to Matt FitzpatrickPep Guardiola faces major dilemma over Man City future after Arsenal victoryNike forced to take down Boston Marathon sign as offended athletes accuse them of 'pace shaming'"We know what is required and will approach the months ahead with purpose."Shi also sympathised with Wolves fans, admitting their loyalty had been tested with few moments to cheer."We know this season has tested your loyalty and patience," he added."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."While their relegation has been confirmed, they'll still be eager to beat Tottenham on Saturday.Wolves have performed well against the big teams this term, regardless of their position in the standings.Back in March, they beat Liverpool 2-1 at home following goals from Rodrigo Gomes and Andre.Before that, they also battled to respectable draws with Manchester United and Arsenal.Wolves can attempt to restore some pride before the summer starts, with five matches left to play this season.Their next fixture will be against Tottenham on Saturday, with Roberto De Zerbi's men eager to beat the drop themselves. Our Standards: The GB News Editorial Charter