US businessman Chris Kirchner has withdrawn his proposal to buy Sky Bet Championship club Derby

The co-founder and chief executive of software company Slync.io, a global logistics technology provider, announced in October his intention to purchase the Rams, who have been hit with an overall 21-point deduction this season for entering administration and for further financial irregularities.

Kirchner has revealed he made a formal offer to buy the second-tier basement club earlier this month and improved that on Thursday but has now stepped away from the process.

“It is with real sadness that I can confirm I am withdrawing from the process to buy Derby County Football Club,” he said on Twitter.

“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 (Thursday).

“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.”