"In an interview given by me to The Sunday Times, and published on 1 January 2006, I made certain comments concerning my time as manager of Wolverhampton Wanderers Football Club, and in particular my relationship with the then club chairman, Sir Jack Hayward.
"I accept that such comments were unwarranted and caused offence. That was never my intention and I apologise if any offence was caused."
Wolves' Chief Executive Jez Moxey said: "Sir Jack has accepted the apology and as far as we are concerned the matter is now closed."