London Irish chief executive Bob Casey has revealed that the club will undergo a full review on Monday to assess their financial situation.
The club were relegated last weekend following their loss to Harlequins.
Premiership finalists as recently as 2009, Irish will now spend next season in the Championship and despite a parachute payment the club are set to take a significant hit.
"We will have to restructure accordingly," Casey told BBC Sport.
"We'll have to sit down with the board of directors and look to see what appetite they have for the losses. Once that review (on Monday) is complete, we'll look to see what went wrong and how we can take this club forward.
"We've just got to make sure that we do it as thoroughly as we can and that we will move forward after it."
Casey also defended head coach Tom Coventry after a nightmare first season in charge for the former Chiefs assistant, who has a year to run on his contract.
"Tom would have learned a huge amount from this season. He has held himself incredibly well in very difficult circumstances," Casey added.
"It's proved very difficult and ultimately, if your rugby isn't performing, it's a very difficult business to turn around.
"We have a long-term vision of where we're taking this club. This is a setback, there's no doubt about it. But we're determined to take this club forward."