Clowes Developments' bid accepted for purchase of Derby

Clowes Developments' bid accepted for purchase of Derby

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.

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.