Manchester United legend Sir Alex Ferguson has revealed he rejected an offer from Roman Abramovich to manage Chelsea in 2003.
In an interview on American television channel PBS, Ferguson said his response to the proposal was definitive.
"He (Abramovich) used an agent when he first came and approached me and I said no, no chance," he said.
"The job came up there, they always say the odds are 80-1 Ferguson.
"Good odds huh? You will be wasting your money (to bet on Ferguson joining Chelsea).
"You'll be throwing your money down the drain."
Ferguson questioned why Chelsea had changed managers so many times in recent years, calling the situation 'strange'.
"They have won the European Cup and three league titles in Abramovich's time and they keep changing the coach, you know," the Scot, 71, said.
"That was in terms of winning.
"But you look at the long term situation and you worry about that."
When asked if he would ever come out of retirement, Ferguson said it was time for him to pursue life away from being a manager.
"The timing was perfect," he said.
"I went out a winner. There's no way back.
"I look forward to the challenges of a new life and doing things I've been waiting maybe 35 years to do."
Ferguson also spoke of striker Wayne Rooney, who he said had legitimately wanted to quit United in the off-season.
"He came in the day after we won the league and it is common knowledge he asked away," he said.
"But now we see him today, he's got his energy back.
"And he's doing great so maybe that was a good turning point for the boy."