Derby announce the completion of their takeover by property developer David Clowes

Derby have finally been released from the nightmare of administration after lifelong fan David Clowes officially became the club’s new owner.

The Rams, without a permanent manager after Wayne Rooney quit last week, have been taken over by local property firm Clowes Developments, with the EFL signing off on the deal at about 6pm.

Less than a month before the start of the League One campaign, the club can at last look forward with cautious optimism after nearly 10 months of pain. The terms of the Clowes deal means there will be no further points penalties as it guarantees creditors will be paid at least the minimum 25p in the pound. They are also free to sign players.

In an open letter to supporters, Clowes – said to be worth about £250million – wrote: ‘As a lifelong supporter, I could not stand by as the risk of losing Derby County became all too real. I could not have looked myself in the mirror if I had not done everything possible to protect it.

‘It’s vital we start work on recruitment immediately and, for that, we will rely on the expertise of the existing staff as well as bringing in a support structure to help them move as quickly as possible to build a side that will be competitive in time for the new season.’

Since Derby were placed in administration by former owner Mel Morris last September, various parties, including former Newcastle owner Mike Ashley, had expressed interest.

Derby have announced the completion of their takeover by local businessman David Clowes

Clowes, a local property developer, moved decisively to take over the club this month

On the club website, joint administrator Carl 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.’

Fellow administrator Andrew 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. 

‘Today signifies a new beginning for the Club, and it enables the Club to move forward into the new season with a clean slate, under local ownership under the stewardship of Clowes.’

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

The Rams have suffered a roller coaster ride since the club went into administration last year

When US businessman Chris Kirchner’s bid to buy the club collapsed last month, there were serious doubts about the future. But Clowes’ move to buy both Pride Park and the club itself means fans and staff can breathe again.

Derby were relegated last term after having 21 points deducted – 12 for entering administration and nine for historical financial breaches. But they look set to start the new campaign, against Oxford on July 30, with a clean slate.

Administration has been characterised by a succession of missed deadlines and a constant struggle to identify a buyer prepared to do a deal for the stadium and cover the debts in line with the EFL insolvency rules.

American Chris Kirchner was unable to conclude a deal to take over Derby County

That person appeared to be Kirchner, but despite being declared the preferred bidder in April, and being granted exclusivity to wrap up the deal in May, the process dragged on into mid June, when he finally had to step aside as he failed to transfer funds to complete the pruchase.

With Kirchner out of the way, other bidders could come back in and it was Clowes who moved decisively to takeover the Rams.

The Clowes era will now begin in League One, but without Wayne Rooney at the helm. The England and Manchester United legend announced his decision to step down following the failure of the Kirchner bid.

Wayne Rooney resigned as Derby manager earlier after saying the club needs ‘fresh energy’