Thierry Henry rejected the offer to become coach of Bordeaux due to the "uncertainty" behind the scenes at the French outfit, the club's president Stephane Martin said on Wednesday.
Bordeaux confirmed on Tuesday that the 41-year-old, the all-time record goal-scorer for Arsenal and France, had decided against starting his managerial career at the helm of the six-time French champions.
Martin said there were "several reasons" for Henry's decision not to replace Gustavo Poyet in south-western France, but admitted that the fact the club are in the process of being bought out by an American consortium may ultimately have worked against them.
"It is essentially down to the climate of uncertainty around the club, the period of transition that we are in, that meant things did not end positively," Martin said.
General American Capital Partners (GACP) are expected to complete their purchase of the club from French media conglomerate MG in late September.
"He is very methodical, judicious and passionate about football," Martin said of Henry, who is looking to strike out on his own as a coach after working as an assistant with the Belgian national team at the World Cup.
"He really wants to be a coach in the long term, it's not just a passing fancy. For his first experience in coaching, he wanted to be certain that all the conditions were right and he made a decision after thinking about it that he would not start with us.
"Great players like him want to have great careers as coaches so they think twice about it."
Poyet, who was only appointed in January, was suspended earlier this month following a public row with directors over transfer policy. He is set to leave the club although Bordeaux are yet to officially announce his dismissal.
In the meantime, Eric Bedouet is set to again take interim charge of the team in Thursday's Europa League play-off, second leg at home to Gent.
Bordeaux are targeting a place in the group stage after drawing 0-0 in Belgium in the first leg last week.
"We move on, we have an important match tomorrow, we are very focused on that. It's no drama," added Martin, who says they will now take their time before appointing a new coach.