Derby County: Clowes Developments' bid accepted by administrators with a provisional completion date of June 29
Clowes Developments (UK) Ltd has had its bid to buy Derby County accepted; The Derbyshire-based property group have also purchased the company that owned Pride Park Stadium from Mel Morris; Liam Rosenior has been appointed interim manager after Wayne Rooney's departure
Sunday 26 June 2022 19:56, UK
Derbyshire-based property group Clowes Developments (UK) Ltd has had its bid for Derby County accepted with a provisional completion date of June 29.
On Friday, it was reported that Clowes would submit a bid to buy the Sky Bet League One club after purchasing the company that owned Pride Park Stadium from Mel Morris.
Clowes had also issued an interim loan to the club which would have enabled Derby to start the season and trade while a deal to purchase the Rams is concluded.
However, a statement from Derby's administrators Quantuma has given Wednesday as the expected completion date, allowing the club to enter the new campaign out of administration.
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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.
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"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.
"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."
David Clowes, chairman at Clowes Developments, previously spoke about wanting to rescue the club he supports.
"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.
"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."
Rooney leaves Derby | Rosenior appointed interim manager
On Friday, Wayne Rooney quit as Derby County manager, admitting the club needs someone with "fresh energy" to lead them in what is an uncertain period regarding the ownership.
Rooney received plenty of plaudits for the work done with the club in their battle to avoid the drop.
Had it not been for the 12-point deduction for entering administration, which was followed by a nine-point penalty for breaching EFL accounting rules, the Rams would have finished 18th, level with Bristol City on 55 points. Instead, despite the toils of a team filled to the brim with young players, largely with little to no EFL experience, punishments for issues off the pitch proved too much of a stumbling block.
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."
Liam Rosenior has been appointed as Derby's interim manager after Rooney's departure. The squad will return to training on Monday to begin preparations for life in Sky Bet League One.
Rosenior has spent the last three years on Derby's coaching team, initially as Specialist First Team Coach before stepping up to be Assistant Manager to former manager Wayne Rooney midway through the 2020/21 campaign.
