NESV's John W Henry, speaking during a phone-in on the club's in-house television channel on Monday, said the team's form towards the end of last season and so far this campaign has been "unacceptable", although Hodgson says he has the support of the club's hierarchy.
"The owners have made it perfectly clear they are in it for the long term and they are going to be patient," said the 63-year-old Hodgson. "They realise it is going to take time.
"They realise we can't turn things around overnight and they also realise that the team I am working with is not the team I put together.
"You don't turn things around overnight and they are aware of the magnitude of the task but they are very focused on what needs to be done and I am convinced they will help me get it done."
An area of particular concern for Hodgson is his side's poor Premier League away form, with a record so far of six defeats - the latest a
3-1 loss at Newcastle
on Saturday - two draws and one win.
However, Hodgson showed signs of frustration over constant questions about his future ahead of the Europa League group game
against FC Utrecht
at Anfield on Wednesday.
The Reds have secured top spot in Group K and qualified for the last 32 in the competition with a game to spare.
"It doesn't bother me because I can't do more than I am doing, I can't work harder, I can't work better," added Hodgson, whose team play his former club Fulham at home in the league on Saturday evening.
"I have great confidence in my ability, I don't think there is any reason not to have.
"I know the players are working as hard as they can to win matches for Liverpool and therefore me as manager."
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