Sam Allardyce has conceded making "an error of judgement" over the incident that brought about the end of his brief stint as England manager, adding that "entrapment has won on this occasion".
Allardyce's 67-day tenure was ended by mutual agreement following talks with Football Association (FA) chairman Greg Clarke and chief executive Martin Glenn on Tuesday, less than 24 hours after the Daily Telegraph published footage claiming to be from a meeting in August between a pair of undercover reporters and Allardyce.
In the footage, Allardyce allegedly told two men purporting to be from a Far East investment firm how they might "get around" FA regulations concerning the transfers of players under third-party ownership.
"On reflection it was a silly thing to do," Allardyce told reporters on Wednesday, having already released an official apology via the FA.
"Just to let everybody know, I sort of helped out what was somebody I'd known for 30 years and unfortunately it was an error of judgement on my behalf and I've paid the consequences.
"But entrapment has won on this occasion and I have to accept that.
"The agreement was done very amicably with the FA. I apologise to them and all concerned for this unfortunate situation that I've put myself in."
Allardyce added that he would now leave the country to reflect on the events of recent days, offering his best wishes to England's players and interim manager Gareth Southgate.
Asked if England would be his last job in football, the 61-year-old replied: "Who knows? We will wait and see."