Mundine fronted the media on Tuesday shortly after Mosley boarded a plane back to the United States over a pay dispute with promoter Vlad Warton.
The outspoken Australian stopped short of criticising Warton but couldn't hide his disappointment and was quick to absolve himself of any blame for boxing's latest fiasco.
"I wouldn't say angry, just disappointed," a subdued Mundine, who is yet to speak to Warton, said.
"I was ready to fight and give the fans what they wanted to see and that was the best of me and the best of everything that I had tomorrow night.
"I prepared myself the best I could and I wanted to represent my family and my fans and my country to the fullest.
"I didn't know if it was on or off until I heard this morning that he was on the plane and I definitely knew it was off then and I'm devastated ... but maybe it's a blessing in disguise and hopefully we can save the event and have it later on in the year."
The 38-year-old has promoted all but a few of his 49 professional fights but revealed he was 'just a fighter' in the Mosley bout after Warton, Kostya Tszyu's former manager, came to him with the proposed bout several months ago.
But 'The Man' and his on-again-off-again manager, Khoder Nasser, are now planning to take matters into their own hands and are hopeful of rescheduling the fight for December.
"Me and my management could be flying to LA as soon as the next couple of days and put something together that's going to be in concrete with the money in their account, and there is no excuse then," Mundine said.
"We've always run our promotions for about 45 fights and never had a problem.
"I just want to make it clear it was nothing to do with us, I was just a fighter in this event but now I want to take it in my hands and we'll make it happen.
"When we're in power nothing goes wrong and that's what we're trying to do, get that power.
"I'll speak to Sugar himself and be man-to-man and give him my word and even give him more than my word, give him an irrevocable bank cheque if needs be, to the amount that he was going to get paid in the first place and let's do it for real."
Mundine insists he has no ill-feeling towards the seven-time world champion.
"I lay no blame to Mosley. He's just a fighter trying to take care of himself and his management is trying to take care of him and trying to make sure that he gets paid and everyone's happy.
He added when asked if his latest set-back has made him consider retirement: "Not really, everything happens for a reason I believe, it's destiny.
"Patience is a big key in this game and I'm sure if I'm patient and I'm doing the right things, working on my art, there's no reason why we can't salvage this event and that's what we're working to do."
Australian boxing legend Jeff Fenech was one of the big losers after reportedly tipping in $500,000 as one of several private backers for the Mundine-Mosley fight.
There is no love lost between Mundine and Fenech and when asked if he feels sorry for the 'Marrickville Mauler', a perplexed Mundine replied: "No I don't feel sorry."