Gordon McKie insists the bleak the financial outlook faced by the Scottish Rugby Union means he had no choice but to close the Border Reivers down at the end of the season.
McKie has been chief executive of the SRU since the summer of 2005, during which time he believes he has taken significant steps towards tackling the haemorrhage of cash out of Murrayfield.
However, the organisation remains PS23 million in debt and, with the bank looking over his shoulder, McKie says he had no choice but to cull the least successful and most poorly supported Scottish pro-team.
Deciding to close the Borders was a controversial move, but McKie remains absolutely certain the right choice was made - and he believes he has the full support of the SRU board.
He said: ``I genuinely believe that enormous progress has been made from where we were 20 months ago, despite the events of the last three or four weeks.
``The bank was on the point of taking precipitate action to stop lending this institution money, and we have made huge progress in terms of making this place well run, and we have done that by ensuring we have rigorous processes and discipline within the organisation.
``We do not have a duty to invest in a pro team in the Borders, any more than we have a duty to invest in women's rugby or anything else.
``We have a duty to do what's best for the sport in Scotland, and that duty is overseen by the board. It's my job to implement their views.
``The board decided keeping two under-funded pro teams was not in the best interests of the sport in Scotland.
``We could no longer afford two wholly-owned pro teams in a fast-moving professional sports marketplace, and for us to give them more funding would have been to the detriment of the other responsibilities and duties of the governing body.''
McKie took issue with the suggestion the SRU had `scuppered' a rescue package for the Borders by refusing to release the appearance money which the club would earn the governing body through competing in the Magners League and European Challenge Cup.
``The accusation that we have scuppered the ship are wide of the mark,'' he said.
``We have seen nothing from anybody. There was meant to be an action plan, which failed to appear. There was meant to be a plan B that would deal with the potential loss of Heineken revenues, but we have not seen anything from the steering group or the council.
``We have seen nothing in writing. We asked for something in the spirit of trying to help and we would have given it consideration.
``To say we won't give it ERC or Magners money is an exaggeration of the facts. We said that if there was no new money then why should we invest any money, direct or indirect, in something akin to a development team.
``[Reivers head coach] Steve Bates has been on record as saying that would just be cannon fodder. Why would we want a development team there with foreigners in it? What does that do for the national team?''
McKie confirmed he has received an offer of investment from a consortium of London-based businessmen to franchise Glasgow Warriors.
He added that he is awaiting a detailed business plan from them.