England had lost to Pakistan by 22 runs in the final after being bowled out for 227 while chasing a target of 250.
Botham himself did not have a good final as he took one for 42 off his seven overs and did not score a single run. He was caught at the wicket off Pakistan paceman Wasim Akram.
"It only comes round every four years so it was really disappointing not to have won in 1992 when I thought we were the best team, but we didn't and you have to deal with that. It would have been a great thing to achieve in my career and I gave it a good go, and as long as you do that you can't have any regrets," said Botham, who scored 192 runs and took 16 wickets in the tournament.
"It was a great tournament for the team to get to the final and for me personally, in particular the four wickets I took against Australia in Sydney, which put them out of the tournament. The crowd really wanted us to lose the final at the MCG that's for sure," added Botham while reflecting on England's eight wickets victory.