Jimmy Nicholl looked for crisis talks with chairman Donald Findlay following the club’s relegation to the second division at the weekend.
The Blue Brazil lost out to Brechin City on Saturday in the play-off semi-final and Nicholl admitted his immediate reaction in the aftermath of the game was to walk away from his managerial post.
However, he insists he wants to remain in the job, despite almost certainly losing a substantial section of his playing squad for next season.
“My emotions are still raw but the worst could yet be to come as I am meeting with the chairman tonight,” he said. “I was confident about overcoming the play-offs but it just did not happen for us and it is so disheartening.
“We are set to lose good players as we will not have the money to hold on to them.
“People may say if they are good players why have they been relegated, but I know for a fact that some of them will go on to star for bigger clubs than Cowdenbeath because of the way they have performed in the first division this year.
“There are a lot of people who do loads for this club behind the scenes. There are volunteers in at the ground at six in the morning helping set stuff up for match days.
“So at the final whistle on Saturday, I was ready to walk away.
“It wasn’t because I did not have the stomach for the fight to get us back out of the second division, it was embarrassment that I had let those people and the rest of the supporters down.
“I feel I have failed and it is difficult to look them in the eye. I was sacked when I was at Aberdeen with Jimmy Calderwood when we had secured fourth spot in the SPL and a place in Europe.
“So I will just have to see what happens when I sit down with the chairman.”
They may have lost out in the play-off, but Nicholl insisted that over the course of the season his side had shown they were a worthy addition to division one.
“For a part-time outfit, I felt we had proved we were good enough to stay in the first division,” he added. “The champions Dunfermline were the only club we did not take points off.
“We started the campaign really well, with lots of enthusiasm. We had targeted 10 points a quarter to stay up and we took 12 from the opening one.
“But the middle of the season killed us. The bad winter weather caused us a lot of problems as the lads could not even get out of their houses, let alone train.
“Our fitness levels slumped and our momentum suffered. When the weather got better, we became better as well.”