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Richardson admitted that it was a sad moment for City - whose fate was confirmed after their 3-2 defeat Aston Villa at the weekend - but also revealed his belief that it may herald the start of brighter times at Highfield Road.
He said: "It was upsetting but I honestly believe it might be a great, great day for us because it gets us off the treadmill.
"It is an extremely difficult treadmill on which to keep going and sometimes if you step off for a year or whatever, it can give you time to grow stronger.
"What we have to do now is make sure that by July 1 and all the way through the summer we are favourites to come straight back up.
"We can't look back at our 34 years and think this is the end of it and disappear.
"We won't do that because we are stronger than that and to survive this long on our gates and revenue is marvellous."