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US businessman Chris Kirchner has been selected as the preferred bidder to buy Derby County, the Championship club's joint administrators have confirmed.
The 34-year-old revived his interest in Derby in recent days, having withdrawn an initial bid three months earlier.
Relegation-threatened Derby have been in administration since 22 September.
Administrators Quantuma said his offer "represents the best deal for creditors and one which will secure the long-term future of the club".
Kirchner's bid for Derby County does not include the stadium, which is owned by the club's former majority shareholder Mel Morris.
"The terms of the club's ongoing occupation of Pride Park stadium to be negotiated with external stakeholders," a statement from Quantuma said.
"The joint administrators have entered into a period of exclusivity with Mr Kirchner and his advisers, during which further operational, commercial and contractual discussions will take place."
The English Football League (EFL) said they "await details of the formal proposals", which will be "reviewed in line with EFL requirements" and includes the scrutiny of the owners' and directors' test.
"This process will allow us to understand what hurdles may still need to be overcome before matters can move forward that are in the best interests of the club, its fans and community," the EFL said.
