I suspect it was more because he'd seen the finances & the way the club was heading, and he didn't want to be associated with the inevitable failure, so he bailed while he still could so as not to be tainted by it.
Much as I despise Redknapp, we would be doing him down if we didn't mention him buying the Football League Championship title the one year that Pompey had (ha!) money and the rest of the league was on its knees thanks to ITV Digital, and I think he won the Fourth Division with Bournemouth once...