Chris Kirchner, one of the potential buyers of Derby County, has announced he is withdrawing from the process.
Kirchner says he made a formal offer to buy Derby two weeks ago, and improved the bid this week.
However, the US businessman says he was unable to agree a deal with Quantuma, Derby's administrators, that was "in the best interests of all parties".
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Writing on Twitter, Kirchner said: "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 apologise to the fans. As you know, I've been in talks with 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 purchasing the stadium, future funding and maintaining the academy's status.
"We improved that offer further today. I wanted to agree a deal that I thought was in the best interests of all parties but, unfortunately, the last 24 hours has proven that just isn't possible. So it is with deep regret that I must now stand aside and let the administrators pursue their own course.
"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.
"My team and I are going to move forward into club ownership as was our goal when we set out and are moving forward."
In a statement on Friday, Quantuma insisted Kirchner's bid never reached the level of other offers, saying: "We can confirm that, as has been widely reported both on social media and other media outlets, Mr Kirchner has withdrawn his interest in acquiring the club.
"We would like to put on record our thanks to Mr Kirchner and his team for engaging in the process.
"However, as we have made very clear throughout this process, the issues we are having to deal with are complex and we simply were not in a position to accept Mr Kirchner's bid as it did not meet the level of other bids received.
"We will not be engaging in any social media communications. We have seen some of the tweets exchanged yesterday between Mr Kirchner and others and would like to put on record that we disagree with much that has been said.
"Whilst yesterday was a difficult time, it provided a stimulus to one of the remaining bidders who increased his offer for the club.
"We expect to name preferred bidder status imminently. We repeat that we are moving as quickly as possible to achieve a sale of the club."
The administrators said earlier this month they were hoping to sell the club by the end of January.
Kirchner - the founder, owner and chief executive of Slync.io, a global logistics company - announced his intention to buy Derby in October, saying he wanted to rebuild the Rams "back into the proud club everyone deserves."
Derby entered administration in September and are currently bottom of the Championship, having been deducted a total of 21 points this season. They are 17 points from safety.
How to watch festive Championship games live on Sky
Here is how you can watch the festive Championship matches live across Sky Sports in December and January.
Selected games taking place on Boxing Day, Monday December 27, Wednesday December 29, Thursday December 30, New Year's Day, Sunday January 2 and Monday January 3 will be available live for Sky Sports customers on the Sky Sports Football Red Button - alongside the featured game being shown live on Sky Sports Football.
Sky Sports Football customers can also see each match streamed live on the Sky Sports app - simply sign in with your Sky iD to view and make sure you have the latest version of the app.
For Sky Q customers, the matches on the Red Button will be available in HD quality and the service comes at no extra cost. All games, including those on the Red Button, will also have their own commentators.
Midweek matches are also available to NOW Month members. However, they are not available with a NOW Day pass or in Sky pubs.
Please note: We can only show rescheduled, displaced midweek games or games taking place away from Saturday at 3pm that are not part of a regular midweek round on the Red Button where respective clubs stream them on their iFollow app.