Sam Allardyce claimed “entrapment has won” after facing the media for the first time since losing his job as England manager.
Allardyce left his role as England boss on Tuesday evening after agreeing with the FA that comments he made to undercover Daily Telegraph reporters had left his position "untenable".
The 61-year-old told media assembled outside his Bolton home: "Obviously I have to do this before I go away. On reflection it was a silly thing to do.
"I was trying to help someone out I knew for 30 years and unfortunately it was an error in judgement on my behalf.
"Entrapment has won on this occasion."
The 61-year-old was appointed to the position only 67 days ago and departs by mutual agreement with just one match on his record, September's World Cup qualifying win in Slovakia.
In addition to discussing how to circumvent rules regarding player transfers, video footage also appeared to show Allardyce mocking predecessor Roy Hodgson, calling Prince Harry "a very naughty boy" and accusing the FA of being "all about making money".
The Telegraph also revealed that Allardyce negotiated in principle a deal to travel to the Far East as a paid ambassador for the fictitious businessmen.
Speaking to Sky Sports News HQ on Wednesday, however, Allardyce denied money was his primary motivating factor in attending the meeting, instead insisting he did so as a favour to an old friend who was down on his luck.
Allardyce has known Scott McGarvey "for 20 or 30 years" and "he was trying to help him out".
The former Sunderland boss admitted he is extremely down following his exit and said he now plans to leave the UK this morning for a break to reflect on what has happened.
He revealed he has apologised to the FA for the embarrassment the incident has caused and wished caretaker manager Gareth Southgate - who will manage England for the next four games - the best of luck moving forward.
"The agreement was done very amicably, I apologised to the FA and to all concerned for the unfortunate situation that I put myself in," Allardyce said.
"I have a confidentially agreement, I can't answer any more questions just now. I'm going on holiday to reflect.
"I would like to wish Gareth and all the rest of the England lads the very best."
Allardyce also confirmed to Sky Sports News HQ he has no intention of quitting __football and hopes to get back into management quickly.
Sam Allardyce statement
"Further to recent events, the FA and I have mutually agreed to part company.
"It was a great honour for me to be appointed back in July and I am deeply disappointed at this outcome.
"This afternoon, I met with Greg Clarke and Martin Glenn and offered a sincere and wholehearted apology for my actions.
"Although it was made clear during the recorded conversations that any proposed arrangements would need the FA's full approval, I recognise I made some comments which have caused embarrassment.
"As part of today's meeting, I was asked to clarify what I said and the context in which the conversations took place. I have co-operated fully in this regard.
"I also regret my comments with regard to other individuals."
Football Association statement
"The FA can confirm that Sam Allardyce has left his position as England manager.
"Allardyce's conduct, as reported today, was inappropriate of the England manager. He accepts he made a significant error of judgement and has apologised. However, due to the serious nature of his actions, the FA and Allardyce have mutually agreed to terminate his contract with immediate effect.
"This is not a decision that was taken lightly but the FA's priority is to protect the wider interests of the game and maintain the highest standards of conduct in football. The manager of the England men's senior team is a position which must demonstrate strong leadership and show respect for the integrity of the game at all times.
"Gareth Southgate will take charge of the men's senior team for the next four matches against Malta, Slovenia, Scotland and Spain whilst the FA begins its search for the new England manager.
"The FA wishes Sam well in the future."
Sam Allardyce: Previous clubs & records
LIMERICK
Allardyce learned the ropes on the coaching front as a player-manager in the League of Ireland, leading Limerick to the 1991-92 second-tier title before heading for Preston to take up the number-two post there.
BLACKPOOL
In July 1994 he took charge of Second Division Blackpool, who had avoided the drop to the fourth tier of English __football by a single point at the end of the previous campaign. They finished 12th in his first season and third 12 months later but much to his shock, Allardyce was dismissed following a play-off semi-final defeat by Bradford.
Games: 102 Won: 44 Drawn: 23 Lost: 35 Win %: 43.1
NOTTS COUNTY
Arriving in Nottingham in January 1997, Allardyce inherited a side which had struggled through the first half of the season, and he was unable to prevent them from slipping into Division Three. However, he led the club to promotion as champions on 99 points at the end of the following campaign.
Games: 145 Won: 56 Drawn: 39 Lost: 50 Win %: 38.6
Honours: Third Division Title 1997-98
BOLTON
His efforts at Notts County helped land the job at Bolton in October 1999, and it was there that he started to enhance his reputation. Having steered them into the Premier League at the second attempt, he established Wanderers there after two difficult seasons and eventually guided them to European qualification for the first time in the club's history.
Position when taking charge: Bottom half of Division One
Position when departing in April 2007: 5th in the Premier League
Games: 371 Won: 153 Drawn: 104 Lost: 114 Win %: 41.2
Honours: First Division Play-Off Winner 2001
Highlights: League Cup Final 2004, Two qualifications for Europe
NEWCASTLE
Allardyce was seen as the man to stop the St James' Park door revolving as then chairman Freddy Shepherd sought stability. But his reign lasted just 24 games when new owner Mike Ashley decided to give disgruntled fans what they wanted and replaced him with Kevin Keegan.
Games: 24 Won: 8 Drawn: 6 Lost: 10 Win %: 33.3
BLACKBURN
Rovers were sitting inside the Premier League relegation zone when Allardyce arrived in December 2008, yet they ended the season in the relative comfort of 15th place. They finished 10th in his first full campaign at the helm, but new owners Venky's dispensed with his services in December 2010.
Position when taking charge: 19th in the Premier League
Position when sacked in December 2010: 13th in the Premier League
Games: 90 Won: 32 Drawn: 24 Lost: 34 Win %: 35.6
WEST HAM
Allardyce waited almost six months before returning to the game with relegated West Ham in June 2011 and led them back into the Premier League via the Championship play-off final. His style of play did not sit happily with the expectations of Hammers' fans and although the club finished in 10th, 13th and 12th places in the top flight, there was a parting of ways May 2015.
Position when taking charge: In the Championship
Position at the end of his final season: 12th in the Premier League
Games: 181 Won: 68 Drawn: 46 Lost: 67 Win %: 37.6
Honours: Championship Play-Off Winners 2012
SUNDERLAND
Tasked with pulling off another great escape after Dick Advocaat bade farewell in October, Sunderland were still seven points away from safety at the start of January. However, only champions Leicester beat them after February as Allardyce kept a top-flight relegation off his CV.
Position when taking charge:19th, seven points from safety
Position at end of the season: 17th (safe)
Games: 31 Won: 9 Drawn: 9 Lost: 13 Win %: 29