Eggert Magnusson admits he has been upset with the way West Ham have been labelled in the wake of the Carlos Tevez affair.
The club escaped with a £5.5million fine rather than a possible points deduction from the Premier League in April for breaching rules on third-party ownership of Tevez and Javier Mascherano.
The saga resulted in various legal battles and High Court writs and Magnusson says it left the Upton Park club as "public enemy No1".
"It does hurt me because the club has been dragged into this negative way by some of my colleagues," Magnusson told The Guardian.
"West Ham has been dragged down and I don't think this is correct. This hurts me most, because what a few people decide should not be a burden to the whole club."
The Icelandic multi-millionaire also regrets the impact the affair has had on Manchester United-bound Tevez.
He added: "The other sad thing is that Tevez got caught in the middle. He's a great lad, so enthusiastic about football and success, and I would have loved to have seen him (again) in a West Ham shirt. I really tried to make that possible but, as a great player, he had ambitions to play in the Champions League."