Schmeichel looking to sell Hvidovre
Although the Danish side's future is secure until the summer, their future after that has been called into question, with manager Jan Sorensen unsure about what they are capable of.
Schmeichel told TV2: "It was probably a couple of years too early. I got many ideas I would really like to try both in Danish football in general and Hvidovre in particular.
"But I couldn't be done when I can't participate in the daily work.
"I am still a footballer and feel I have the best job in the world. It can't be combined with being a club owner. First of all, I am a footballer and I want to focus on that as long as I feel it is possible."
Sorensen said: "It was a bit of a shock for us, but I can well understand that Peter has it hard to run a football club in Denmark whilst playing in the Premier League.
"Since then, I have tried to get hold of all players to let them know as soon as possible. We will continue with the same squad until the summer. What happens afterwards, I don't know yet."