Derry City boss Stephen Kenny says that he had "absolutely no knowledge" of the dual contract system which led to the club suffering automatic relegation.
In his first interview since the Football Association of Ireland imposed the punishment on the club, Kenny also spoke of his desire to stay in charge.
"The club administered the contracts. That's completely out of my remit," Kenny told BBC Radio Foyle.
The Derry boss added that he had "done absolutely nothing wrong".
"I would generally agree the deals with the players and they would be subject to board approval.
"I've always done things straight down the middle."
When asked whether he wanted to remain in charge at the Brandywell, Kenny replied:"Certainly.
"I'll speak to the new board. I have a contract.
"I understand they are talking about the club going into administration and a new board being formed.
"I'm manager of the club at the moment and haven't been told anything different"
"I'll have to speak to the new board and see what their plans are for me.
"We're (management, players) all in limbo really. We're not sure what the future holds.
"Certainly, the First Division is a tough league to get out of but I think Derry City just want to make sure that they have a team in the First Division that represents the club very well.
"I'm manager of the club at the moment and haven't been told anything different."
Kenny, who like the Derry players has not been paid for more than two months, pointed to his achievements during his two spells in charge of the club.
"We were in five cup finals and we won four and lost one of penalties.
"We went from being involved in a relegation play-off to coming second in the league and then took another second, when losing on goal difference.
"We also had 10 games in Europe during two of those years.
"Maybe the new board might have other ideas. They might want a new direction. If that's the case, we'll deal with it."
Kenny acknowledged that several of his squad's players are being courted by Irish League and League of Ireland clubs.
Gareth McGlynn is believed to have been approached by Portadown while Sligo Rovers are also understood to have made contact with a number of Derry players.
"It might be inevitable that we lose some of our better, even local players.
"The Kevin Deerys, Gareth McGlynns and Gerard Dohertys."
Kenny rubbished suggestions that the mid-season signings of David Scullion and Ger O'Brien had been a factor in Derry sliding into financial trouble.
"That's such a misinformed view," insisted Kenny.
"When I left after the 2006 season, we had hundreds of thousands in credit because all the money was due from Uefa still.
"I'd left the club in a really good position financially.
"Undoubtedly the wage structure has been too high for the club"
"When I came back, budgets were agreed and I worked within the budget.
"The team finished seventh when I was away. Last season they finished third, got into Europe, won the League Cup and got beaten on penalties in the FAI Cup final after a great display.
"This season, we cut back. We lost our assistant manager Alan Reynolds.
"We sold Kevin McHugh and Aaron Callaghan for 30,000 and signed Ger O'Brien and David Scullion for a combined figure of 25,000.
"We were 5,000 in credit (on those transfers) and that doesn't take into account selling Niall McGinn and Paddy McCourt.
"Business wise, we did very well for the club in the last season and a half.
"The problem overall is that the wages have been too high, for the revenue that the club has been bringing in, during these recessionary times.
"Undoubtedly the wage structure has been too high for the club."
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