Cardiff City chairman Peter Ridsdale has apologised to supporters over the club's financial crisis but says he will not be resigning.
The club announced on Wednesday that "assets" would be sold to help pay off a £2.7m tax bill and no players will join before Monday's transfer deadline.
That is despite raising around £3m from a season-ticket initiative to buy new players in the January window.
"Today is about me quite rightly eating humble pie," said Ridsdale on Thursday.
"It's saying to our supporters, if I misled you - and clearly you feel I did - I apologise.
"We undoubtedly have some short-term challenges and these challenges will be addressed fairly and squarely, and it would not have been appropriate to add to our overheads by bringing in players until they've been resolved."
The Bluebirds face a second winding up order 10 February if they fail to pay an outstanding tax bill of £2.7m owed to Her Majesty's Revenue and Customs.
Ridsdale made assurances earlier this month that the club was "trading as normal" and there was "no immediate threat" to the future of the club.
And asked on 8 January if the money from the season ticket initiative, known as the "Golden Ticket", would be used to pay off the debt, he said: "No, there is money to pay for that."
Around 10,000 supporters signed up to the initiative which offered full refunds if Cardiff wins promotion to the Premier League this season, and Ridsdale says that agreement "will be honoured".
Earlier on Thursday, fans had called for an extraordinary general meeting, saying a lot of supporters would feel cheated over the "Golden Ticket" initiative.
But Ridsdale responded: "At the time, we were working on a number of areas of funding which we believed, combined with the season ticket offer, would allow us to sort out paying our creditors and also bring in players for Dave's [Jones] squad.
"The other areas that we were working on have not materialised to date although some of them are still being discussed.
"To the degree therefore that the campaign was misleading, I reiterate my personal apology but it was not deliberate. It was said at the time with the best intentions."
Ridsdale accepted that supporters would be looking for a "knee-jerk reaction" and expect changes to be made at boardroom level.
But he said: "Contrary to popular belief, I am not resigning as chairman of Cardiff City Football Club.
"I had a long discussion with our shareholders this morning and with the board.
"It was the unanimous decision that to have regime change at this moment in the club's history would be inappropriate.
"That doesn't mean to say that might be appropriate in the future."
Ridsdale repeated that he would leave Cardiff when the job he came to do was "completed".
And he insisted: "This club in the long term will be in better health than it's been for many years."
But when asked if the HMRC tax bill will be paid by the time Cardiff were due in court on 10 February, he said: "You will find out on 10 February."
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