Derby administrators granted one-month extension to provide proof of funding

·3 min read

Derby’s administrators and the English Football League have agreed a one-month extension to the deadline set to provide proof of funding.

A joint statement from the club administrators, Quantuma, and the EFL said the decision had been reached “following a formal review of revised financial forecasts” at the Sky Bet Championship side.

The previous deadline to show that Derby had the necessary funds to complete the season had been February 1. The EFL said in a statement last week that administrators had told them the club would “run out of cash” next month but the revised forecast has clearly been deemed optimistic enough to grant the extension.

The statement said: “Today’s development will allow the club to meet its ongoing obligations while giving a further four weeks to continue the discussions with the interested bidders and relevant stakeholders in respect of a sale, alongside providing additional time to seek clarity on the claims from Middlesbrough and Wycombe.”

Middlesbrough’s claim is that Derby’s breaching of EFL financial regulations during the 2018-19 season contributed to them missing out on the play-offs – and by extension a possible place in the Premier League – at the Rams’ expense.

Wycombe are seeking compensation for the losses the club sustained in being relegated to League One at the end of last campaign, when Derby survived. The points penalty imposed on the Rams for rule breaches was not applied until this term.

It is understood the potential additional liabilities arising from the Middlesbrough and Wycombe claims have not deterred Adam Binnie, whose family controls the US private investment firm Carlisle Capital, or a group organised by General Sports Worldwide, whose founder and chair Andy Appleby is a former chair of Derby.

The Binnie bid is understood to be around £28million, and excludes Pride Park, which is still owned by Derby’s former chair Mel Morris who placed the club into administration last September.

The consortium organised by General Sports Worldwide is understood to have offered to purchase the stadium as well.

The joint EFL and Quantuma statement added: “It is appreciated that many people have been waiting to receive an update over the last 48 hours but given the complexity and ever-changing circumstances, our priority has been to provide clarity once there is a definitive position.

“Our commitment as ever remains addressing the many challenges at hand and we will look to provide updates as soon as we are able to.”

It is understood the EFL will be represented at a meeting on Friday called by local MPs.

Pauline Latham, the Conservative MP for Mid-Derbyshire, wrote on Twitter that the meeting had been called to “identify the remaining problems between the EFL and the club, and to ensure that solutions are found which work for Derby’s fans”.