Clowes Developments complete takeover of Derby

Clowes Developments complete takeover of Derby

Derby’s future has been secured after Clowes Developments completed their takeover at Pride Park, the club’s joint administrators have announced.

Quantuma have confirmed the deal has been finalised for an undisclosed fee and the Rams have finally exited administration in time for the 2022/23 season.

“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 announced on Sunday they had formally accepted local property developer David Clowes’ offer to buy the Sky Bet League One club and hoped to conclude the sale on Wednesday.

Clowes, via his company Clowes Developments, emerged as the potential new owner of the Rams after American businessman Chris Kirchner withdrew his offer to buy the club.

The local businessman had already agreed to purchase Pride Park and issue the club an interim loan.

Joint administrator Jackson said: “We are very pleased to have achieved today’s sale, in a deal which secures the long-term future of the club, and one which represents the very best outcome for creditors.

“I would like to express my sincere thanks to the club’s staff players and the fans for their loyalty, and patience, as they supported the club through the administration.”

Joint administrator Hosking added: “The level of complexity involved in bringing this matter to a conclusion has been unparalleled and we are grateful to all stakeholders and their advisers, for their hard work which has enabled us to overcome a magnitude of challenges, and allow the rescue of this historic club.”

The Rams had been in administration since September last year and fears over their future increased last week when Kirchner withdrew his offer.

EFL chief executive Trevor Birch became directly involved in the bid to help secure a new buyer.

Quantuma had been in talks with several other interested parties, including former Derby owner Andy Appleby and sports retail billionaire Mike Ashley, who sold Newcastle to a Saudi Arabian-back consortium last year.

Derby, whose debts have been reported to be in the region of £60million, were docked a combined 21 points last season – 12 for entering administration and a further nine after admitting they breached EFL financial regulations.

The Rams were relegated to Sky Bet League One in April and will compete next season in English football’s third tier for the first time since 1986.