Peter Reid has turned down the chance of becoming the next Sheffield Wednesday manager after telling Owls officials it was "the right club at the wrong time".
Reid, who has been out of work for four weeks following his sacking as Sunderland manager last month, was interviewed by Wednesday chief executive Alan Sykes at a Manchester hotel on Monday.
Wednesday's sorry financial plight, with the club £23million in debt and with no money available for new players, proved critical in Reid's decision.
Reid's decision to spurn the offer will do nothing to dispel speculation of the former Sunderland manager's desire to assume the newly vacated Republic of Ireland position.
That said, Wednesday, one off the bottom in the First Division, did not even get as far as negotiating personal terms with Reid, who is reputed to have earned around £1.5million per year with the Black Cats.
"The discussions we held with Peter were open and cordial throughout," said Sykes, in the Sheffield Star.
"We had an excellent, very constructive meeting. We discussed our situation and his and we also talked about the financial position of Sheffield Wednesday in terms of what was available for players.
"We never discussed personal terms, but he assured us that if he had wanted to join us he would have been sensible in that respect.
"But after giving full consideration to the situation, he indicated to us that he considered Sheffield Wednesday to be the right club at the wrong time.
"It is a club he would like to manage, but when it is enjoying better circumstances.
With the initial number one candidate in Rotherham's Ronnie Moore having made it clear he is to stay at Millmoor, and with Reid turning the Owls down, Wednesday will now look to either former Ipswich boss George Burley or Hartlepool's Chris Turner.
PA