Speaking on Wednesday morning, barely 12 hours after being suspended as coach of the Bombers for the next 12 months, Hird said he should have been more aware of what was taking place at the club.
"I should have known what was going on; I should have known more and I'm very disappointed that I didn’t," he said at a media conference outside his Melbourne home.
"There is a level of responsibility you have as a senior coach.
"There are a lot of things that happened at our football club that shouldn't have happened and as senior coach I take some responsibility for what happened and not trying to stop it."
Hird said it was disappointing that he would not be coaching the Bombers on the weekend and again next season, but said it was the right thing to do for his players and the club to bring the battle with the AFL to a close.
"Our players need to be able to play football and to move on.
"To be fighting a battle in the Supreme Court against the AFL on a matter of principle was not the right thing to do for our players and even for myself and my family."
Hird continued to maintain he that he broke no rules.
"I didn’t break the rules I was charged with and those charges have been dropped and we have agreed to move on," he said.