Sven-Goran Eriksson has claimed he walked away from Notts County to ensure the club did not slip into administration.
The club are due back in the High Court on February 24 to face a winding-up petition from HM Revenue and Customs for an unpaid tax bill and Eriksson revealed County's perilous state had forced him to give up on a project he had intended to stick with.
"Time was short for us and in the end I signed the agreement to leave the club because the alternative would maybe have been for the club to disappear," he said.
"I don't want to be the man to take Notts County into administration, that's why I signed the agreement on Thursday.
"I am very sorry because I like the club and everyone in the club; they are very nice, very genuine people.
"I did feel personal responsibility - I know some of the players wouldn't be there if I was not. Of course I feel that. I stayed on as long as I could because of the players, the coaching staff and the fans."
He added: "I liked the idea of the project. It was like a dream for me.
"I am deeply sorry for the players, the coaches working in the stadium - hard-working, down-to-earth people and for the fans. It was a dream for them, and they have suffered big problems.
"I am sorry this happened at the last moment but it's going on as a club, even if it is not in the Premier League."
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