Arteta said: "I found out just a little bit before the news was leaked. And then everything was completely out of control and the world reacted in a really unified manner. There was not really time to think about it, reflect and evaluate or anything because by the time that was out, a big tsunami already came onto it and basically killed it.
"Vinai [CEO Vinai Venkatesham] spoke to me and explained a little bit what was happening. He was very clear and transparent with me. I understand the reasons why we could not know. We were not involved in the decision."
Arteta confirmed apologies to him and his players came direct from the top of the club.
He said: "Starting with Vinai and the ownership and everyone that was involved in the process.
"All of them had the right intentions to defend the club and put the club in the best possible position for now and for the future but accepting that way it was handled has had terrible consequences and that it was a mistake.
"I have to really respect that when people have genuine intentions to do the best for the club and then they can stand up here and apologise.
"I think the players and the staff and everyone working at the club has to accept that and move on."
He continued: "Yes, absolutely [there was an apology]. They have the maximum responsibility to run the football club and that is what they said was: "apologies for disturbing the team, we did it without the capacity to communicate inn a different way earlier and pass on my message to the players" - that is all you can ask for."