The Blades dropped down to the third tier of English football for the first time since 1989 after yesterday's 2-2 draw with local rivals Barnsley.
It represents a major fall from grace for the club, who were playing in the Barclays Premier League just four seasons ago and reached the play-off final at Wembley in 2009.
In United's quest to get back to the top tier they have relied heavily on the loan market with £6million spent to finance moves over the last two seasons.
"The club has to hold its hands up and acknowledge that we got it wrong," chief executive Trevor Birch said in a club statement.
"We apologise to the fans that have so steadfastly stood by the club. They deserve success and we will work like hell to build a solid foundation on which we can base a team capable of not only promotion back to the Championship, but also the Premier League.
"Even though we have run with a higher average wage bill for players since relegation, we have made mistakes and ultimately the board has to accept responsibility."
Source: PA
