Derby County saved from bankruptcy after local businessman completes takeover

Cameron Smith / Getty Images Sport / Getty

London, July 1, 2022 (AFP) - Derby have finally secured their future after local property developer David Clowes completed his takeover of the troubled League One club on Friday.

The Rams had been in administration since September last year and fears they could go bankrupt increased last week when American businessman Chris Kirchner withdrew his offer to buy the club.

Derby, whose debts have been reported to be in the region of £60 million, were docked a combined 21 points last season after entering administration and admitting breaches of Football League financial regulations.

They were relegated in April and will compete in English football's third-tier for the first time since 1986.

Former Manchester United and England star Wayne Rooney quit as manager last week as the uncertainty over a new owner dragged on.

But advisory firm Quantuma have confirmed the deal with Clowes Developments has been finalised, allowing Derby to exit administration in time for the 2022-23 season, which starts on July 30.

"Quantuma joint-administrators Andrew Hosking, Carl Jackson and Andrew Andronikou are delighted to confirm the completion of the sale of the business and assets of Derby County Football Club ("The Club") to Derbyshire-based property group Clowes Developments (UK) Ltd ("Clowes") for an undisclosed amount," Quantuma said in a statement.

"The transaction sees the club exit from administration and be brought under the same ownership structure as its stadium, Pride Park."

Quantuma had announced on Sunday they were formally accepting the bid from Clowes, who had already agreed to purchase Pride Park and issue the club an interim loan.

Derby County saved from bankruptcy after local businessman completes takeover
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