"We failed with a number of bids, not through ambition but because players wanted to go and play in other cities and for other clubs.
"But there is no doubt that the failed takeover bid caused a lot of grief and culminated in us losing Steve Bruce to Wigan.
"The mistake of the board was in compromising with the takeover in allowing Carson Yeung to complete the deal in two parts - first by buying a 29.9% stake in the club and then giving him three months to tie it all up.
"Our mistake was being gentlemanly and allowing a period of time for the Yeung consortium to raise and put in place the funds required instead of saying 'the deal has to be done in 30 days and not a moment later'.
"It started to break down and ultimately collapsed but by then the damage had been done and Steve left because of all the uncertainty and a number of other issues.
= "We would not make that sort of mistake again if the club was ever in a position to be sold."