The Saddlers, who went into Saturday evening's clash with near-rivals Shrewsbury Town in need of a win and a few positive results elsewhere, were ultimately unable to secure safety as they and the Shrews played out a goalless draw at Montgomery Waters Meadow.
This result, along with others up and down the country, means that the currently managerless Saddlers, who are still being heavily linked with former Barnsley and Rochdale boss Keith Hill, will be playing in the fourth tier for the first time in over a decade.
The statement, which was released via the club's official website, states; Following confirmation of the club’s relegation to League Two, the Walsall FC Board of Directors would like to place on record our disappointment and apologise to all associated with the Club, most importantly our supporters.
We started the season with a 10-match unbeaten run in all competitions and occupied fifth place at the beginning of October. But a significant downturn in results led to the departure of manager Dean Keates in March and has culminated in relegation after 12 years in League One.
We understand the fans’ frustrations and acknowledge relegation is not an acceptable outcome for the season. We too are deeply hurt by what has happened.
Focus will now turn to the short and medium term, with the key priorities being rebuilding the Club’s football philosophy and the search for a manager to drive us forward and back into League One as swiftly as possible.