The Breakers had a winning team with a glowing image under the Blackwells, but former NBA player Walsh told Newstalk ZB's Mike Hosking it was not a healthy business.
"I think you have to be careful there in terms of what you define success as. No question the Blackwells did an amazing job," the American said.
"I'm not the Blackwells and I'm never going to be. I'm not apologetic about that. There's a reason the Blackwells were trying to find a buyer for this team for over a year.
"That's because the business was not successful, the business was failing, there was going to be no Breakers. There was no New Zealander who was going to touch it.
"I saw the opportunity – we're going to get there with the wins and losses. We've done a lot of great things…we've almost doubled the staff and given New Zealanders jobs.
"No question we took a very calculated risk with Glen Rice coming here. He's super talented but comes from a troubled past, and obviously it hasn't worked out."
Walsh said they wanted Rice to "re-ignite" the season after a poor start, and while other players got over injuries. There were no other signing options available to match Rice's ability.
"I'm not going to do what every other team seemingly in the world has done when he's got in trouble which is just cast him aside," Walsh said.
"I'm going to help him as best I can and that means getting him some medical help, professional help."
Walsh said Vodanovich was a "great locker room guy" who "had a couple of glasses of wine before the flight, took a sleeping pill, things didn't go according to plan".
"He will be disciplined, he owns up but I stand behind Tom. He's a great guy and I don't want this to be something that alters his career," Walsh said of the 25-year-old Tall Black.
Police were awaiting Vodanovich when the team arrived home from Perth on Monday, but no charges were laid.
Vodanovich told Radio Sport he was "louder than what people appreciate on overnight flights".
Walsh said the Breakers would eventually prevail on the court.
"We're going to win games, we're going to win championships, we'll continue to sell out the arena, and continue to take risks," he said.
"Paul Blackwell is one of the best men I've ever met, but we're going down our own path."