Following the Labour Party's loss of control of Cardiff Council at the May 2004 Local Elections, Goodway resigned as leader of the group, adding that Welsh Assembly First Minister Rhodri Morgan wanted Goodway to be beaten by his independent opponent.
Remaining an elected councillor for Ely, Goodway was subsequently elected CEO of the Cardiff Chamber of Commerce in late 2004. In late 2007/early 2008, the chamber financially collapsed spectacularly following at overpaid training grant from ELWa of £500,000, which could not be repaid thanks to interest payments totalling £500,000 and other debts of a further £1million. After all 35 staff were immediately made redundant, it was subsequently liquidated.
Goodway subsequently insisted he would not seek the vacant leadership of the Labour group.
- Hooper, Alan; Punter, John (2006). Capital Cardiff 1975-2020: Regeneration, Competitiveness and the Urban Environment. University of Wales Press. pp. 37–39. ISBN 0-7083-2063-5.
- "Goodway resigns as leader". BBC Wales News. 2004-06-14. Retrieved 2008-05-02.
- "Morgan denies Goodway 'plot'". BBC News Wales. 2004-06-14. Retrieved 2008-05-02.
- Barry, Sion (2008-03-05). "Chamber sees liquidation as its only debt solution". Western Mail. Retrieved 2008-05-02.
- "Death of Initiative". Rev Keith Kimber. Retrieved 2008-05-02.
- James, David (2008-05-02). "Is Goodway coming back?". Media Wales. Retrieved 2008-05-02.