Fletcher is now at Burnley and has interests in the Stadiarena business and left City in October 2007 after the deal to take over the club with Manhatten collapsed.
Said Mr Fletcher to the CT's Andy Turner: "I have got the greatest respect for Chris Coleman and Ray Ranson, who I believe are doing a wonderful job at Coventry, for whom I am still very passionate.
"They have gone down the same route by investing wisely in good young players but the only flaw in the model at Coventry is that the football club has to own that arena.
"Unless you have got someone willing to write out a cheque for £5 million or £10 million, you need a building fit to make you money.
"People in Coventry might not like me saying that, but the club needs to be competing with the Derby Countys of the world where every penny traded, from food and drink, car parking, rock concerts, exhibitions and conferences, is Derby County's."
Paul Fletcher speaking
"Had he had the resources, I believe Iain Dowie could have done what Owen Coyle has achieved at Burnley," Fletcher added. "But unfortunately he was working in the turmoil of the club not owning enough of the building.
"The Ricoh is, first and foremost, a football stadium for the city's football club. Unfortunately, others think it is something else. "I always thought the football club would own its own stadium.
"I thought that with the council's help we could have a fantastic arena that made a lot of money to enable the football club to get back to the Premier League.
"And when I realised that wasn't their game plan I fell on my sword. "But I like to think I had a great relationship with the fans and, as managing director, I never told any lies.
"I have wonderful memories of my time there, when we had a fantastic supporters' group that was so passionate. I only wish other people in the city could have carried on that passion."