Atletico Madrid CEO Miguel Angel Gil Marin backed Diego Simeone despite his side's recent struggles.
Atleti were knocked out of the Copa del Rey by Cultural Leones, a third-division side.
"In the last decade we have competed in many finals, we have won nine trophies and consolidated ourselves among the greatest teams in Europe. The quality and commitment of the squad and coaching staff, led by Diego, cannot be questioned and I have no doubt they will achieve the club's objectives this season and help us grow over the next few years," said Gil Marin.
Atleti were eliminated from the cup in the round of 32 for the first time since 2011.