"We couldn't hang on to Steve Bruce. We needed to enhance his contact and the takeover board refused permission to do that," he said.
"There's no doubt the board made mistakes in allowing the takeover to take three months to collapse.
"Had we realised earlier that it was going to collapse we could have acted.
"Now we would only sell the club to a seriously wealthy potential owner who is capable of taking it further.
"We would want an owner who can challenge the top six otherwise there's no point changing. But we're not actively looking."