West Ham United have confirmed the retention of manager Sam Allardyce under a number of conditions including a revamping of the club's strategy in the transfer window.

Allardyce has held several meetings with co-owners David Gold and David Sullivan since the end of the Premier League season during which the Hammers finished 13th.

Despite achieving comfortable safety in the top flight, West Ham supporters have consistently criticised the club's style of play.

Amid attempting to balance the club's finances – which would be thrown into disarray should the club drop out of the Premier League ahead of moving into the Olympic Stadium in 2016 - the West Ham ownership have taken the bold step of reacting to those pleas from fans.

Though Allardyce, 59, will remain at Upton Park he has agreed to adhere to a change of tactics and an alteration to the club's policy in the transfer window, which has been correlated with their direct approach.

"We have a very clear vision of how we want West Ham United to operate under our joint ownership," a joint-statement from Gold and Sullivan said.

"Although not everybody understands the West Ham Way, we do and we respect it as we have been supporters all our lives. We believe this is about a philosophy that is not just about the style of play, but the whole ethos that surrounds the Club.

"Sam was asked to give us a detailed presentation on his vision for next season and during this he assured us that he can deliver that ethos to West Ham United and we have agreed to support him with the resources that he needs. We have mapped out a way forward with him that will ensure our much-deserving fans have more to cheer about next season.

"We should also stress, though, that while improvements do need to be made, Sam deserves credit for the job he has done thus far after securing promotion in his first year and two respectable Premier League finishes in the two years thereafter.

"The truly historic opportunity of a move to the Olympic Stadium in 2016 forms a major part of our five-year strategy to take this Club forward and, while we have a duty to make sure we stay in the Premier League, we also want to make sure the performances on the pitch will befit a team playing in such a world-renowned stadium.

"We are absolutely committed to taking West Ham United to new heights and we want to see the Club continue on an upward trajectory next season.

"The 2014/15 campaign is crucial to our future and we are confident that Sam has the passion, experience and determination to make sure it is a success."