Millwall chairman John Berylson has given manager Ian Holloway his backing following a run of one win in 13 games in all competitions.
The Lions are 22nd in the Championship and were knocked out of the FA Cup by League One side Bradford this week.
"The position we find ourselves in at the moment is a cause for concern," a statement from Berylson said
"Whatever the outcome of Saturday's game against Ipswich Town we have every intention of backing our manager."
After losing 4-0 to the Bantams in their third-round replay on Wednesday, Holloway described his team as "dysfunctional".
Berylson will refund fans the cost of their match tickets and has vowed to help the 51-year-old remodel his squad.
Former Crystal Palace manager Holloway, who has won 12 of his 51 games in charge since joining Millwall a year ago, has already been backed in the January transfer window.
Five players have moved to The Den this month, while another five have been released from their deals with the club.
At one point, Millwall had more than 20 players out of contract this summer.
"The manager needs to re-construct the squad and build a new Millwall team to take us forward," American businessman Berylson added.
"We knew this would be the case in the summer, but circumstances have dictated that we are having to bring that process forward."