"It is hard because when a club like Celtic come knocking and I can't blame Danny for wanting to go there to play in front of 60,000 fans", said Coleman to the CT.
"They are a massive club and it was difficult for us to hold on to him. We couldn't and so we had to try to do the best deal we could."
Fox's transfer fee has become a case of believe what you want to believe. Some media outlets have quoted fees of £1.5m including Sky Sports News and The Times whilst others more locally based have put higher amounts, and Coleman said:"We are not going to lose one of our good players without getting the best deal for Coventry City, and £1.5 million is not the best deal for this club, so that's not true."
Keiren Westwood has been linked with speculation over the weekend about moves to various clubs and Coleman said: "I was determined not to lose Scotty Dann and Danny Fox and so were the club, but it is hard once players are offered a lot of money to go to big, big clubs.
"We can't match a lot of clubs in our league in terms of wages, never mind clubs like Celtic or Birmingham in the Premier League. We can get nowhere near that and I wouldn't advise the club to do that. They have done it before and look at the trouble they got in. So we have got to make our mind up.
"Yes we want success and I know the supporters are frustrated and want to see a successful team. I know that and the plan was to invest money in every transfer window but we have not really done that in this one.
"We have got Sammy Clingan but the negative is we have lost two of our best players.
"It has left one or two people on a downer but we are the same as any other club in the Championship and if a bigger club comes calling for your best players you have got two choices: you either dig your heels in and keep a player who is going to be unhappy for a long time because he has missed his big move, or you try to do the best deal you can.
"And in the end that's what the chairman had to do and I understand that.
"Yes we have lost two good young players but Coventry City is not about two players, it is a big club in the Championship and we have got to go forward and try to improve on what we have got and we will be desperately trying to do that in the remaining weeks of the transfer window."