Huw Evans concedes the Scarlets' season to forget is because the Welsh region focused on building their new £23m Parc y Scarlets stadium.
The Scarlets finished bottom of their Heineken Cup group with just one win and are Magners League also-rans.
But Scarlets chairman Evans insists his region will make four top-class international summer signings to bring the glory days back to Llanelli.
"Our focus hasn't been where it should have been," Evans told BBC Sport.
The Parc y Scarlets project took almost five years of administrative turmoil to go from being just a brainwave to the Scarlets rugby region taking to the field at the finished ground last November.
The Scarlets had to fight two public inquiries regarding plans to build homes on the site of their famous old Stradey Park arena.
The club had to borrow £2.6m from Carmarthenshire councillors to help with their £5m shortfall due to delays and the cost of their legal fight.
We've a number, maybe three or four, of exciting new top-quality international signings to announce this summer and we will have an added emphasis on player development from our youth academy
Scarlets chairman Huw Evans
"When Welsh rugby went regional in 2003, we stood alone," chief Evans told BBC Wales' Scrum V rugby show in a rare interview.
"That was a massive battle that has little to do with the playing performance of the side.
"It would have been very easy for us to merge with Swansea and the share-holders here would have had a massive windfall of tens of millions of pounds.
"But that would have been the end of top-class rugby in Llanelli - so that was massive battle to win."
The Scarlets then decided they had to leave their long-time Stradey Park home as they "couldn't subsidise the losses."
"We had two public enquiries to design the housing scheme and sell Stradey and that was hugely time-consuming," said Scarlets moneyman Evans.
"Our focus has been on building the stadium, getting through public inquiries when our whole existence was at stake. And we project managed the whole scheme.
"Everyone at the club has been absorbed by the process. In the last five years, I have been to 700 meetings unrelated to the playing performance of the side.
"But we're in the stadium now. And if we are guilty of anything it is building the best rugby stadium in Europe, we'll plead guilty to that charge.
"This is one of the best rugby regions in the world and we will produce a winning side.
"Historically we're the best supported Welsh region but our crowds at the new ground are below our expectations.
"Our fans, like us all, are used to success and nothing less will please them but when we do start achieving, the fans will come back."
Rugby fans in Llanelli have enjoyed three European semi-finals and four Euro quarter-final appearances as well as league titles, so their two-year barren spell has been hard to take.
But Evans says the Scarlets are rebuilding and confirmed the signing of Daniel Braid on a three-year contract this week.
And the chairman insists the former New Zealand flanker is the first of many as coach Nigel Davies continues his process of building a squad capable of achieving trophies.
"Our aim is to completely revitalise this squad," said Evans.
"We've a number, maybe three or four, of exciting new top-quality international signings to announce this summer and we will have an added emphasis on player development from our youth academy."
And Evans reassured Scarlets fans that their Wales stars such as Stephen Jones, Mark Jones and Matthew Rees will remain at Parc y Scarlets.
"Indeed, all those on the books now will be here next season," he insisted.
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