Derby County's administrators say they are "unlikely" to name a preferred bidder for the club before Christmas.
Administrators had said on Tuesday they were hopeful of making an announcement on the up-for-sale club this week.
The Rams went into administration in September and are bottom of the Championship after a points deduction.
US businessman Chris Kirchner, one of three prospective buyers, has expressed his frustration, saying he will consider pulling out of the process.
Kirchner, whose interest has been backed by Derby manager Wayne Rooney, wrote on social media that there had been "little to no progress" in the past 40 days.
A statement from the club's joint administrator Carl Jackson said: "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."
Administrators said earlier this month they expect to complete a sale "in or around February 2022".
An agreement needs to be reached with HMRC, who are owed £29.3m, while Middlesbrough and Wycombe Wanderers also have outstanding claims against Derby.