Alan McGee rose to become one of the most prominent men in the British music industry in the 1990s after he discovered and signed hit acts including Oasis and Primal Scream.
He was later part of a drive by then-Prime Minister Tony Blair to connect with younger voters but walked away from music in 2008 to spend more time with his family.
The history of his iconic independent label is charted in upcoming documentary "Upside Down: The Creation Records Story" - and McGee has now revealed he was approached to help make a dramatisation of the same subject for the BBC and TV network Channel 4.
But McGee and Trainspotting author Irvine Welsh - who was asked to pen the screenplay - turned down the proposal because it "reeked of miscalculation".
McGee tells BBC 5 Live, "They want a dramatisation of Creation Records straight, so yesterday me and Irvine turned it down. It was going to be called something like Beyond The Eruption."
"If we were going to do a literal Creation thing let's do it on one of two subjects - either when we were out of our minds (from) '88 to '94, or the whole Britpop political thing when Labour were asking me if I could get young Britain back to work and we were going to Downing Street. The rest of it is too much of a freak show."