Dundee United chairman Stephen Thompson has said drastic changes will have to be made following the club's relegation but made no comment on the future of manager Mixu Paatelainen.

Paatelainen's future has been in doubt following the team's poor run in form, which resulted in their drop to the Championship after defeat to city rivals Dundee on Monday night. The Finn was summoned to Tannadice on Tuesday and left after a 25 minute meeting but a subsequent statement from the club made no mention of his position.

Instead, Thompson made an apology to supporters and promised radical change at the club.

He said: "Dundee United have let you, the supporters, down this season. I apologise unreservedly to all of you for our relegation from the Ladbrokes Premiership.

"As the chairman the buck stops with me and I accept full responsibility for what has happened. The big decisions were mine and I got some of them wrong.

"I have backed managers with the third biggest budget in the league but the results have not been acceptable. In the near future many radical changes will be made to try to ensure our quick return to the top league.

"Further changes will see increased fan representation as well as boardroom changes to re-vitalise and re-energise the club."

United's finances are expected to take a significant blow as they adjust to life in the second tier and the chairman said that he was seeking for an injection of funds. Thompson will listen to offers to buy the club but insisted he would be careful of the long-term future when evaluating offers.

"I am currently seeking fresh investment in the club which may in time lead to me standing aside, and I aim to strengthen our current financial position to launch a bid for an immediate return to the top flight," he said.

"I understand calls for change and am open to realistic well-funded proposals that can bring in major investment.

"However, with the serious financial challenges we face in the Championship, I will not put the club's existence in peril by simply handing over the keys unless any proposed investor is well financed and can offer a sustainable alternative.

"The board has worked over a period of time to review and restructure the club.

"Financially, there will be a substantial drop in income due to relegation that will mean cost reductions across the club. These include both on and off-field operations that will be implemented after consultation with employees."