Struggling Derby County have received a lifeline after business group Clowes Development completed a takeover to take the club out of administration.
The Rams were relegated to League One in 2021-22 after receiving a 12-point deduction in September for entering administration.
The new owners' first task will be to replace Wayne Rooney as manager, after the ex-Manchester United and England ace walked away in June.
What did Derby say?
"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," Derby confirmed on their official website on Friday.
"The transaction sees the Club exit from administration and be brought under the same ownership structure as its stadium, Pride Park.
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.”
The bigger picture
The takeover, led by lifelong Rams fan David Clowes, brings new hope to Pride Park after an extended period of woes at the club.
Having come within a whisker of promotion to the Premier League in 2018-19 under Frank Lampard the Rams fell down the Championship table, finishing 10th the following season and 21st in 2020-21, avoiding the drop by just a single point.
Last year's points deduction made the side hot favourites to go down, and from September onwards they never once managed to climb out of the relegation zone.
Derby eventually finished seven points adrift of safety and were condemned to League One, making next season their first in the third tier of English football since 1985-86.