Peter Ridsdale has reiterated that he will not be resigning as Cardiff chairman but has apologised to supporters following the announcement no funds from a recent season-ticket initiative will be made available for January transfers.
The future of the Bluebirds chief was surrounded in mystery after a 2pm press conference was called for Thursday afternoon. But it was done so in order for Ridsdale to say sorry after money set aside for new players will instead have to be put towards the club's financial well-being.
"It is about me eating humble pie and apologising to fans," he said. "Had we known investment assurances were not going to come off, we wouldn't have given fans hope of new signings."
He added: "The supporters deserve an apology because I made a mistake. I don't believe I have lied. I think the word lie is inappropriate. I take grave exception to anyone suggesting I have lied."
He added: "I have two choices. I either run away or I apologise. I won't run away."
Asked whether the club's unpaid tax bill of around £2.7million will be settled by February 10, Ridsdale simply replied: "You'll find out on February 10."
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