Last updated on 16 minutes ago.
Derby have been deducted 21 points for being in the Championship.
Chris Kirchner withdrew his bid to buy Derby County.
The administrators of the club said they were unlikely to name a preferred bidder before Christmas.
The businessman said he was sad about it.
Derby went into administration in September and are bottom of the Championship.
Kirchner posted on social media that he was withdrawing from the process to buy Derby County Football Club.
I would like to apologize to the fans. I've been talking to the administrators for about two months.
Two weeks ago, I made a formal offer to buy the club. I believe I presented a very detailed, generous and ambitious long-term sustainable business plan. It included buying the stadium, future funding and maintaining the academy's status. We improved that offer today.
The last 24 hours have shown that a deal that I thought was in the best interests of all parties is not possible. It is with deep regret that I have to let the administrators go.
On Tuesday administrators said they were hopeful of making an announcement this week.
Carl Jackson, the joint administrator of Derby County Football Club, said that they understand and respect the frustration of all involved in the club.
We want to assure everyone that we are trying to go as quickly as possible.
The administrators said earlier this month that they expect to complete a sale in February of 2022.
There is an agreement that needs to be reached with HMRC who are owed over 30 million dollars.
