Sage released a detailed letter to members and fans of the club reaffirming his ongoing commitment to Glory despite an interview last weekend where he said he would hand his licence back..

Instead, he said, he had every intention of “remaining the owner of Perth Glory” and described himself as a passionate fan and a “lover of the great game of football” who experienced the same roller-coaster ride of raw emotions.

“Sometimes I speak out in response to what I regard as ignorant or ill-informed attacks on the players and coach, and other times I speak out to try and generate some excitement and buzz around the club, and get our members and supporters excited,” he said.

“At times like these I’ve been known to express my views openly in public, and perhaps unwisely, to the media.”

The mining magnate apologised for any distress his comments caused members, supporters and sponsors.

“My passion for the club and my desire to see it succeed both on and off the pitch was the inspiration for me to buy the team back in 2007,” he said.

“Since then I have poured more that $10 million of my own money into the club to keep it solvent and competitive within the A-League.

"Clearly the club can’t rely on me to fund its activities indefinitely and sadly I don’t have an inexhaustible supply of money to spend on Perth Glory.”

Sage said he supported the Hatt Review published earlier this year which found that a sole benefactor was not a sustainable business model for Perth Glory.

"One of the most important issues that need to be considered and resolved is the restructuring of the stadium deal at the soon to be enhanced nib Stadium," he said.

"Despite the recent increase in ticket prices, which I know was unpopular with many members, the club continues to lose substantial amounts of money each week at home games."

He said the problem was exacerbated by the live broadcast of Glory games which had a major impact on attendances.

But he added: “The Club is looking at a range of innovative and exciting ideas to promote membership and attendances and I hope all true Glory fans will do their bit to support their team and get on board."

Sage paid tribute to the club’s supporters describing them as “some of the best fans in the league”.

He also stood by embattled Glory coach, Ian Ferguson, who was coming extreme and at times “unwarranted pressure”.

He added: “Ian, in my view, is a coach who, together with his coaching staff, is doing his utmost to bring success to Perth Glory."