Captain Sam Tierney told BBC Radio Leicester before Saturday’s play-off defeat that the club had not met expectations and a “full review” would be needed – and Passmoor echoed that sentiment.
“As a club we need to have a look and review. We need to potentially reset,” said Passmoor.
“What’s our vision? What’s our strategy? Those things will drive your leadership teams and your culture. That goes into performance.
“We have to have clarify everything within that.”
There are already questions as to whether the women’s team will continue playing at King Power Stadium in the WSL 2.
Following the men’s relegation to League One, there is even further financial strain on the club and the women’s team will now receive much less in broadcast revenue than they did competing in the top flight.
That means the player budget is likely to decrease and wages alongside that, so contract renewal discussions will be tougher.
Players are unsure of their futures, while Leicester may struggle to keep hold of their best talents.
“We’ve literally been informed of nothing, or any changes yet,” said Passmoor.
“The club have backed us since I walked in in early September. We knew that it was going to be a challenge. The women’s game is progressing and the WSL is a big ask to stay involved in.
“We need to make sure that we have consistency throughout the women’s section of the club so we can build.”
In the immediate future, Leicester are preparing to play in the World Sevens series next week, which could provide a financial boost with a total of £1.1m available from a prize money pool.
“The World Sevens is a different format and spreads light onto the game in a different way, showing players’ personalities and character,” said Passmoor.
“There are potential investors as well and that’s a great opportunity. I might be sat in the background crying! But it’s a chance for players to be themselves.”