Britain failed to win an Olympic rowing gold for the first time since the 1980 Moscow Games, earning silver in the men’s quadruple sculls and bronze in the men’s eight.

It placed fourth in six other events.

TV commentator Garry Herbert, who steered Greg and Jonny Searle to the coxed pair Olympic title at the 1992 Barcelona Olympics, was among those who criticised coaching changes made in the run-up to the Tokyo Games, particularly the decision to allow former chief coach of British Rowing Jürgen Gröbler to step down a year beforehand.

In his assessment of the Tokyo campaign, Davies pointed out that 80 per cent of the team from the Rio 2016 Olympics had retired, adding: "We always knew that the Tokyo Olympics fell at a time when the team was in transition."

Davies met many of the criticisms of Britain’s performance head-on.

He wrote: "Plenty around us may be losing their heads, but we’re keeping ours.

"Admittedly, in terms of medals it was a disappointing regatta, and of course we will review every part of it thoroughly - as you would expect whatever the results.

"But on the face of it, it’s told us very little we didn’t know already, and so far seems to have confirmed in our minds a lot of things we did.

"First of all, it’s clear we have a great set of young athletes.

"They gave us every reason to be immensely proud of them, as individuals and as a team - coming in one after the next in that most frustrating of all Olympic positions, and then fronting up at the rawest of moments.

"But they excelled not just as plucky losers.

"Making more finals as a team than any other country bar The Netherlands, who only matched them, they showed that they are there or thereabouts in every one, which bodes well for such a young squad in the future.

"In two, we made the podium and in six we came fourth - by a combined total margin of 9.63seconds over 12 kilometres - with two of the eight delivering GB’s best-ever result in their boat class."

Davies pointed to New Zealand's men's eight and Emma Twigg -- both gold medallists at Tokyo 2020 who finished outside the medals in Rio -- as proof Britain can improve.

He added: "We always knew that the Tokyo Olympics fell at a time when the team was in transition.

"A stunning start to the season artificially raised expectations, but victories against European competition were no real indicator of how we would fare against the rest of the world - including some crews that had been able to prepare free of COVID disruption.

"In turn, defeat to them should not cloud the bigger picture."

Davies also regretted Gröbler's departure, though protested that "to argue, as some have, that his retirement made all the difference flies in the face of logic (not least results from 2017 to 2019) and is insulting to the proven talent that has coached our crews since."

He said he wants to create a "programme that can be enjoyed as well as celebrated" after criticisms of the atmosphere at British Rowing, with some of the "most iconic gold medallists" preferring "to eat with crews from other countries" than with other British crews, "such was the culture and level of antagonism in the squad."

In conclusion, Davies said: "We will cut through the noise of criticism to remember, first, that it will be far more disappointing to the team themselves, and second that - crucially - there are plenty of positives to take from their performance.

"Every crew improved through the Games; six came as close as you can come, and all took away learnings that will stand them in good stead.

"In short, they built a good, solid, and impressive platform to Paris, on which we will help them build.

"They should be proud of the progress they made.

"We are."