Chris Kirchner had his offer to buy Derby County accepted after detailed talks with the club's administrators over the past few days.
When he withdrew his original offer to take over Derby, it appeared that he was out of the running.
He was named as Derby's preferred bidder after talks with Preston broke down last week.
The joint administrators of Derby County Football Club have accepted an offer from Chris Kirchner to acquire the club out of administration.
His recent bid for the club was received. The bid for the purchase of the football club is only for the terms of the club's occupation of Pride Park stadium to be negotiated with external stakeholders.
Mr Kirchner initially expressed an interest in acquiring the club in late 2021, and the joint administrators have welcomed his renewed interest.
The preferred bidder for the club has been named, with immediate effect, after discussions with key stakeholders.
The administrators entered into a period of exclusiveness with Mr Kirchner and his advisers, during which further operational, commercial and contractual discussions will take place.
As the preferred bidder, he will have access to all of the club's confidential accounts and be given preferential status to complete the takeover.
Sky Sports News has been told that a change of ownership is unlikely for at least two months.
The ownership of Pride Park, which is still owned by Mel Morris, is the most significant hurdle.
There is a lot of due diligence that needs to be done for the accountants to study the finances of Derby.
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It is a huge step forward for Derby fans who have been through a lot in the last six months.
Carl Jackson, joint administrator, said: "We are delighted to be able to name Mr Kirchner as preferred bidder, which the Joint Administrators consider represents the best deal for creditors and one which will secure the long-term future of the club."
The naming of our preferred bidder is a significant milestone in the administration, and we look forward to working with Mr Kirchner and his team to complete the sale of the club.
During the Derby matches, he visited the squad at the Moor Farm training centre, as well as visiting manager Wayne Rooney.
Rooney said that he could see it being positive if Kirchner took over.
In withdrawing his offer for Derby in December, he said he had presented a very detailed, generous and ambitious long-term sustainable business plan.
Sky Sports News Senior Reporter Rob Dorsett.
The first shaft of light in a very dark tunnel is positive news for Derby County fans.
The club has been in administration for more than six months, and failed promises from the club's administrators.
It should give anyone who thinks this is an automatic solution to all of Derby's problems a note of caution.
A useful analogy is when someone accepts a verbal offer from a would-be buyer.
How many house sales collapse because of red tape before completion? The risk is the same in Derby. If the administrators are not happy, they could walk away. There is nothing legally binding yet.
Kirchner walked away before Christmas when he felt his offer wasn't progressing. He came back to Derby after the failed purchase ofPreston North End.
The administrators laid down a number of conditions for all of the bids, and one of them was that the bidder had the funds to buy the club. He will be the preferred bidder for the first time, and he will have full and unrestricted access to Derby's accounts.
Many of the demons within those accounts are hoped to have been exorcised by the administrators.
It's not clear what stage negotiations are at with the various groups who are owed money by Derby, who must be paid in full, otherwise the EFL will impose a points penalty for the start of next season.
The recent history with Derby will require a lot of reassurance. Kirchner and his directors will have to pass the owners and directors test.
Kirchner has struck a verbal agreement to buy the club. He hasn't struck a deal to buy the Stadium. Mel Morris is the owner of Pride Park and negotiations must begin now to agree terms for Derby to use it in the future.
The dispute over the Ricoh Arena which dragged on for years is a cautionary tale for Derby.
Morris has been very transparent with the numbers, and has offered the chance for Pride Park to be bought or leased by the new owners, but it is yet to be determined whether those numbers are acceptable to Kirchner.
The fans will hope that things move smoothly from here, but they are not likely to move quickly.
Kirchner and his team of forensic accountants will now begin their process of due diligence, which will test whether what has been offered for sale is actually what it appears.
Who knows how long it will take for a binding agreement to be reached with all the creditor, and for a separate legal agreement to be struck with Morris over Pride Park.
A crucial next step is to convince the EFL that this agreement provides financial proof that Derby can continue as an operating football club. The hope is that the ban on player registration can be lifted quickly if it can be proved that.
As Wayne Rooney has pointed out, Derby will be left with just three contracted senior players come the summer, because they aren't allowed to agree new contracts with those players whose deals are due to expire.
Whatever happens, it is likely to take at least two- three months for Kirchner to complete a takeover. Derby will almost certainly be demoted to League One by that time.
It is time for a reality check. There will be many more dark times for Derby.
Take nothing away from their loyal supporters. This is the first step towards a brighter and more stable future.
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