Former Rangers shareholders Sandy and James Easdale have withdrawn their interest in buying Derby County.

The Scottish businessmen were in advanced talks with Derby’s administrators over a takeover of the Championship club, on behalf of a Malaysian consortium.

Derby entered administration in September and were deducted 12 points by the English Football League as a result, with an appeal against the deduction adjourned.

In a statement released on Tuesday, the Easdale brothers said: “We have withdrawn our note of interest in Derby FC with immediate effect.

“We feel the timelines set out were unworkable for us to fairly value the club with so many issues to cover. Our lawyers have informed the administrators of our decision.

“We wish Derby County all the best in their search for a new owner and hopefully the fans get good news soon.”

The pair added they “continue to actively examine other opportunities in English football”.

Derby’s administrators, Quantuma, said last month several interested parties have submitted ‘serious’ bids for the club.

American businessman Chris Kirchner announced his attention to buy Derby in October.

Quantuma announced earlier in October that it had not been approached by former Newcastle owner Mike Ashley following reports that he was keen on purchasing the club.

Derby, managed by Wayne Rooney, are bottom of the Championship with six points, nine adrift of safety after 17 games of the league campaign.