Derby County to exit administration after bid for club is accepted 1 month ago

Derby County to exit administration after bid for club is accepted

Derby's administrators has given Wednesday as the expected completion date

Property group Clowes Developments (UK) Ltd has had its bid for Derby County accepted with a provisional completion date of June 29.

Advertisement

After purchasing the company that owned Pride Park Stadium from former owner Mel Morris, it was reported that the Derbyshire-based property group were planning to submit a bid to buy the Rams.

A statement from Derby's administrators, Quantuma, has given Wednesday as the expected completion date, allowing the League One outfit to enter the new campaign out of administration.

Advertisement

A spokesperson on behalf of the joint administrators said: "Over the course of the last day or so, the joint administrators have continued positive discussions with Derbyshire-based property group, Clowes Developments (UK) Ltd ("Clowes") which resulted in a credible and acceptable offer being submitted.

"Discussions in respect of this offer, which complies with the EFL Insolvency Policy, have taken place with a range of stakeholders.

"The joint administrators are delighted to confirm that they have formally accepted Clowes' offer to acquire Derby County Football Club ("The Club") out of administration. Clowes has been granted preferred bidder status with immediate effect.

Advertisement

"The joint administrators will now enter into a period of exclusivity with Clowes, with a completion of the acquisition of the business and the assets of the Club targeted for 29 June 2022. All parties are now working hard to conclude what is still a complex legal transaction within a very short timeframe.

"Once concluded, the transaction will enable the Club to move forward and prepare for the upcoming season out of administration. It will also ensure that Pride Park Stadium and the Club are under the control of a new, local owner with the commitment and resources to enable the Club to move forward with a clean slate. The offer also provides the best return for creditors and enables the Joint Administrators to fulfil their statutory duties and will ensure that there are no further points deductions levied against the Club once it is out of administration.

"The acceptance of Clowes' offer, and the entering into a period of exclusivity means the joint administrators are now prohibited from continuing discussions with other parties who had indicated an interest in acquiring the Club. The main focus is now on concluding the transaction with Clowes within the targeted timeframe."

Advertisement

David Clowes, chairman at Clowes Developments, previously spoke about wanting to save Derby.

"With a deadline looming and the start of the next season getting closer, we needed to do something," he said.

"As a local and established property company, purchasing the stadium seemed the obvious first step. Secondly, as a proud Derby supporter, it was inconceivable to me that the club was at risk of falling away.

"We've worked tirelessly behind the scenes on the stadium purchase and loan agreement to be able to get the club going again in time for the next season. Players, staff and fans needed some good news, and we are delighted to play a part in delivering that.

Advertisement

"As a long-standing loyal supporter, I am personally delighted that we are in a position to be able to secure the future of the football club. This is a very proud and humbling moment for Clowes Developments."

It comes after Wayne Rooney quit as the club's manager, admitting the Rams needs someone with "fresh energy" to lead them next season. Liam Rosenior has since been appointed as the team's interim boss.

Related links: