Johnny Marr turned down $10 million (GBP5 million) to reform The Smiths because of his fractious relationship with the band's former frontman Morrissey.
The group split up in 1987 after releasing four albums together - following tensions between guitarist Marr and singer Morrissey.
They were given a chance to regroup last year (06) for three shows, but the reunion never materialised.
Marr recalls, "The guy who made the offer discussed it with my manager and the offer was put to Morrissey too, but it wasn't discussed between the other band members.
"I'm not rich enough to turn that money down, but to do it for the money would be wrong. So that's kind of a conundrum and non-conundrum.
"If the atmosphere was different, I would have done it, yeah. The people involved are probably still to able put on a really good show, as musicians. But you have to be friends."