Boxing billionaire Turki Alalshikh has stunned Derby County by pulling out of an investment deal at the 11th hour. At the end of last week, the deal looked certain to go through after the potential involvement of Alalshikh – a senior Saudi official with an estimated wealth of £2billion – was signed off by English football authorities. Yet on Monday afternoon Alalshikh sensationally backed away, citing the length of time taken by the football regular to ratify the deal.On his X account, Alalshikh wrote: ‘I would like to thank everyone at Derby County Football Club, and everyone involved in this process for all their hard work over the past few months. ‘We understood that the IFR (independent football regulator) process takes time and fully respect the importance of that, but unfortunately with the season already started, it would leave us with no time to prepare the team or the club for the season ahead. ‘After careful consideration, we don’t feel it is right to proceed at this time without the necessary preparation in place, but we will remain in conversation with the club and see what is possible in the future. I personally wish the team and club every success for the season ahead.’ Turki Alalshikh’s Lion Sport group has pulled out of taking over Derby County Football Club A takeover had been approved by the EFL and Football Regulator but will no longer happenWhile Alalshikh’s statement suggested talks could be re-opened, Derby’s reaction was far more blunt. It read: ‘The club can confirm discussions with Lion Sport to buy a controlling interest in Derby County will no longer proceed.‘The purchase process had been sanctioned by both the Independent Football Regulator and the EFL, notification of which the club received last week.‘However, today the club received notice that Lion Sport no longer wanted to continue with the purchase. ‘For the benefit of any doubt, the club is now off the market and will continue to operate under the loyal, committed and unwavering support of Clowes Developments.’