The pop star was announced as the new co-owner of English side Doncaster Rovers last month (Jun14) after his joint offer with former club chairman John Ryan was officially accepted by shareholders.
However, the takeover bid was rejected by Football League officials due to funding issues stemming from the pair's decision to use an online money-raising scheme to assure the future of the club.
Tomlinson has now spoken out to insist he had the team's best interests at heart, and had signed a contract forfeiting any pay for his work as club boss.
In a post on Twitter.com, he writes, "For the record, I insisted contractually I would never earn a penny from Drfc (Doncaster Rovers Football Club). I simply wanted to help club & community. Still hoping I can."
He goes on to thank his loyal fans for their messages of support following his bad news, adding, "Thank you for all the tweets!! Loads of loveeeeeee!! (sic)."