The chances that a private bidder will emerge for Metronet Rail, the failed London Underground contractor, have receded after its administrator pulled out of a process that could have provided £1bn in extra funding. Financial Times

The withdrawal suggests Alan Bloom, administrator of Metronet is resigned to selling the company to Transport for London, the public sector parent of London Underground.

Potential private buyers are thought to be waiting for London Underground to restructure Metronet and to take on contract work for the new, public-sector entity.