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Derby’s future secured by David Clowes takeover

Derby’s future secured by David Clowes takeover

Derby’s future secured by David Clowes takeover

Derby’s future secured by Clowes takeover

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  • Derby City’s future secured after local property developer David Clowes completes takeover.
  • The Rams have been in administration since September of last year.
  • American businessman Chris Kirchner withdrew his offer to purchase the club last week.
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Derby City’s future has been secured after local property developer David Clowes completed his takeover of the struggling League One club on Friday.

The Rams have been in administration since September of last year, and fears that they will go bankrupt grew last week when American businessman Chris Kirchner withdrew his offer to purchase the club.

Derby, whose debts have been reported to be in the region of £60 million ($72 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.

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“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.”

On Sunday, Quantuma announced that it had formally accepted Clowes’ bid, which had already agreed to purchase Pride Park and provide the club with an interim loan.

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