Leicester City's administrator has hit back at an ultimatum delivered by one of the groups bidding to take control of the club.

Nick Dargan also accused the rival parties of using the media to talk up their bid.

Dargan reacted to a warning from former Foxes directors Gilbert Kinch and Roy Parker that they will withdraw their bid if no decision is made before Wednesday evening.

Certain parties are using the media. This is not helpful Administrator Nick Dargan

Kinch told BBC Radio Leicester that a decision needs to be made imminently for the benefit of supporters, players and staff.

Kinch also said that if his group's bid was successful, they would still invite the consortium headed by former England star Gary Lineker to join them.

Foxes manager Micky Adams has also voiced his fears that failure to find a quick resolution could affect Leicester's chances of bouncing straight back into the Premiership.

Dargan said, "I fully understand the frustration of Micky Adams and I share his desire to successfully conclude the administration as soon as possible.

I will continue to try to keep the problems of the club's financial affairs away from the manager Nick Dargan

"However, the financial affairs of the Club are highly complex.

"Even if a consortium successfully raises enough capital to finalise a deal, any offer still has to be accepted by creditors, some of whom have direct security over the assets.

"Certain parties are using the media to suggest they are further advanced with their fund-raising than they actually are.

"This is not helpful to the process as it deters other potential investors from stepping forward.

"As soon as there is a credible bid that is backed by hard cash, you can be assured that this will immediately be put before the Football League, the Football Association, the PFA, the creditors, including the Crown creditors and of course the manager and the players.

"In the meantime, I will continue to try to keep the problems of the club's financial affairs away from the manager to enable him and the players to concentrate on continuing to do the fantastic job that they are doing on the field."

The administrators have insisted they set no time frame on the club's sale

Fans fear the administrators could use the opening of the transfer window on 1 January as an opportunity to raise much needed funds.

Although Dargan and his staff would have the option of selling players, it is unlikely they would do so, while an resolution to the club's ownership was likely.