Derby County: Businessman Chris Kirchner withdraws bid to buy club

American businessman Chris Kirchner has pulled out of buying Derby County.

The club has been in administration since September and three separate bids had been submitted from parties interested in taking over the club, one of them from Kirchner.

The administrators had hoped to announce a preferred bidder before Christmas but that will no longer happen.

Kirchner took to Twitter to confirm the news: "It is with real sadness that I can confirm I am withdrawing from the process to buy Derby County Football Club.

"First and foremost, I would like to apologize to the fans. As you know, I've been in talks with the administrators for about two months.

"As I did when I entered the process, I want to be transparent in this process and communicate to the fans first and directly.

" I'm just very sorry it's not better news. I wish all Derby supporters and everyone at the club all the best for the future."

Joint administrator Carl Jackson, said: "The joint administrators continue to have positive and fruitful discussions and negotiations with interested parties but these are complex and require input and decisions from other stakeholders.

"Despite our best intentions, it is now unlikely any announcement will be made pre-Christmas as to the preferred bidder. As soon as we are able to name the preferred bidder then we will do so.

"We understand and respect the frustrations of all involved in Derby County Football Club and in particular the supporters, that quicker progress has not been made but we want to reassure all those stakeholders that we are trying to go as quickly as possible."