Drummond also confirmed he won't be involved in any AFL assessment of the controversial case, which emerged on Thursday.
AFL chief executive Andrew Dillon refused to say on Saturday whether Drummond should stand down from his position while the investigation takes place.
Dillon expects to formally hear back from Geelong early next week after the AFL issued the club a 'please explain' for striking an agreement with Kolodjashnij.
The Cats defender effectively took on legal responsibility for future brain trauma in a bid to exonerate the club and its medical staff from court action down the line.
Drummond, who became commission chair in March, was the Cats' president at the time the agreement was signed.
Geelong initially didn't receive a sanction from the AFL, who on Thursday said in a statement they were "satisfied that the letter was not used by Geelong to allow a medically unfit player to return to play".
But on Friday, Geelong CEO Steve Hocking confirmed the club had received a 'please explain' from the AFL before Kolodjashnij, 30, came forward as the previously unidentified player at the centre of the case.
Drummond issued a statement through the AFL on Saturday morning acknowledging the club had "gone too far" in including such a waiver.
"I was president of the Geelong Football Club in 2024," Drummond said.
"This was an extremely complex and sensitive matter, and obligations to both the player and the club were very carefully considered by the Geelong board.
"Jake's welfare was central to all discussions and I have been thinking of him particularly over the past few days.
"While the player was medically cleared to play, the club engaged in lengthy discussions including with him, his family, doctors, and insurers about his future and the potential risks of returning to play.
"Regardless of the player's agreement, the club went too far in adding a waiver into an informed consent document and it will be removed.
"The waiver did not remove the player's protections under statutory health and safety laws.
"As the club has also acknowledged, there was also a process failure in relation to lodgement of the agreement with the AFL and the AFLPA.
"I have not and will not be involved in any deliberation in relation to this matter and its assessment under the AFL rules and regulations.
"I apologise for the mistakes made in this very complex situation."
Dillon did the radio rounds on Saturday, instead of conducting a formal press conference, where he labelled the situation "complex".
"What we've got here is an issue we're dealing with and it's at the AFL executive level - Craig (Drummond) hasn't been involved in any deliberations," he told 3AW.
"We're getting information from Geelong and then we'll deal with it that way.
"I'm the CEO and I take the responsibility."
Earlier on SEN, Dillon believed the Cats were "owning the situation".
"The ownership that Steve (Hocking) has taken, Craig (Drummond's) statement that he's put out earlier, Grant McCabe (Geelong's current president)," he said.
"Mistakes have been made, but they've been owned, and I think that's also as important."
Geelong play Essendon at GMHBA Stadium on Saturday evening, after which coach Chris Scott is due to have his first press conference since the story broke.
9°C