Developer given green light to complete Derby County takeover
Clowes Developments looks set to complete its takeover of Derby County after administrators accepted the company’s bid and granted the company preferred bid status.
The move comes after Clowes was confirmed as buying the Pride Park Stadium last week. The firm now faces a race to complete the deal for the club by Wednesday (June 29).
A spokesperson on behalf of Quantuma 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) 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 out of administration. Clowes has been granted preferred bidder status with immediate effect.
“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 aadministrators 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.”
The moves comes days after Rams manager Wayne Rooney left the club.
On leaving, Rooney said: Over the course of the Summer I have been closely following developments regarding the ownership of Derby County.
“Today I met with the administrators to inform them of my decision that it was time for me to leave the club. In fairness to them, they tried tremendously hard to change my decision but my mind was made up.
“My time at the club has been a rollercoaster of emotions, both highs and lows, but I have to say that I have enjoyed the challenge.
“Personally, I feel the club now needs to be led by someone with fresh energy and not affected by the events that have happened over the last eighteen months. I will remember my time at Derby with great pride and affection and would like to thank all my staff, players and of course the fans for their incredible support. I will never forget you and hope to see you all again in the near future and in happier times.
“Finally, I am aware that the club still have interested parties who wish to take over the running of the club. To them I say this, Derby County is a great club with a great history and great fans. I wish you all the best and much success for the future.”
