Member Article

Grant Thornton advises on Derby County’s greatest ever save

Grant Thornton UK LLP is proud to have played a key role in securing the future of Derby County Football Club after it was placed into administration.

On Friday 1st July 2022, David Clowes, a Derby-based property developer and lifelong fan of the team, completed the process of purchasing the club. Grant Thornton advised the team’s new owner throughout the transaction.

Derby County, a community asset and one of Britain’s oldest football clubs, has been in administration for 10 months, with administrators Quantuma looking for a buyer since September 2021.

Mr Clowes’ successful bid for the business followed his separate acquisition of Pride Park stadium from previous owner Mel Morris.

Prior to the now successful bid, Clowes Developments (UK) Ltd, which is based in the Derbyshire village of Ednaston, had given the club a loan to ensure that they could take part in the next football season after a previous buy-out attempt collapsed.

Derby County suffered a points deduction when it went into administration and was relegated from the EFL Championship in May. As Mr Clowes’ takeover complies with the EFL insolvency policy, Derby will avoid a further points deduction when it begins the new football season in League One in August.

Founded in 1884, Derby County has an illustrious history that has seen it become first division champions and FA cup winners.

Jessica Fountain, Tax Director at Grant Thornton, said: “The deal completed today is great news for the club as well as for the people of Derby, who are heavily invested in the team’s future. As one of England’s oldest football clubs, Derby County holds a lot of value culturally, socially, and economically for the local community.

“Working with David to save Derby County Football Club has been a really inspiring project – and one that’s extra special given David’s relationship with the club as a loyal lifelong fan. The Derbyshire born and bred businessman took the opportunity to step in and purchase the club in order to save it from near collapse. . Having both the Pride Park stadium and the club under the control of a highly motivated local owner is a great outcome for Derby County, who can now move forward with confidence.”

This was posted in Bdaily's Members' News section by John Robson .