The Reading chairman and former owner admits that Nigel Adkins would not be in charge at the relegation-threatened Royals if he had not sold the club to Anton Zingarevich
Owner Anton Zingarevich, who took over the club just before they made the step up to the Premier League in the summer, elected to fire the man who oversaw promotion after a slide in results left the Royals adrift in the relegation zone.
New boss Adkins has lost to Arsenal and his former team Southampton, as well as drawing 0-0 with Liverpool, since taking the reins while McDermott was hired by Leeds United on Saturday.
|8/15||Reading are 8/15 with Bet365 to finish bottom of the Premier League
"At Christmas-time we went to try to buy players and didn't manage it.
"People have this perception that there are players out there who can just be bought and settle in straightaway. It's not as simple as that.
"You have to be very circumspect about what player you buy, whether they fit into the team, whether the ethos is right. Some work out and some don't.
"My philosophy has always been to try to balance the books and we always adjust players' wages so that, if we go down, players also get the knock-back. You can't afford to pay Premiership money in the Championship.
"But I've been around long enough to realise that my dream of a level playing field [financially] is never going to happen. Football is for the super-rich; that's why, when I was looking to sell the club, I said millionaires need not apply, only billionaires."