MELBOURNE, AUSTRALIA - JUNE 01: Terry Wallace announces that he is standing down as coach of the Richmond Football Club during a press conference in the Richmond Social Club at Punt Road Oval on June 1, 2009 in Melbourne, Australia. (Photo by Mark Dadswell/Getty Images)

Terry Wallace’s biggest regret at Richmond

Former Richmond coach Terry Wallace has revealed his biggest regret from his time coaching the Tigers.

Speaking to Mike Sheehan on Open Mike, which will air on Tuesday night on Fox Footy, Wallace said he should have done more research into the club’s financial situation before accepting the role.

“I regret that I didn’t do a little more homework or didn’t get more of a basis of where the club was at during that time,” Wallace said.

“My bigger error at Richmond was trusting and believing everything I was sold in taking up the position, rather than delving into it closer.

“I got the belief they were in financial trouble, but not anywhere near as destitute as what they were at the time.

“They just couldn’t get rid of the debt. It wasn’t really until after I left, when Brendon Gale came into the position, that they wiped out the debt, got the new facility and were able to start going forward.

“In my time there, everything was around paying off the debt. If something was going to miss out, it was going to be football missing out. You had to keep the club alive. It was a pretty difficult period.”

Wallace coached the club from 2005 to 2009, finishing with a record of 37 wins, 60 losses and two draws.