Derby Exchanges Contracts Ahead Of Sale
The administrators of Championship football club Derby County have exchanged contracts for the sale of the club with American businessman Chris Kirchner.
The English Football League (EFL) has released a statement explaining that it has given its conditional approval to the proposed acquisition of Derby by 9CK Sports Holdings Limited, the company controlled by Kircher.
The statement continues, ‘The EFL and 9CK Sports Holdings Limited have agreed the terms of a Membership Agreement which will govern the conditions attached to the transfer of the share in the EFL and which ultimately will see the club exit administration.
“However, its final approval is subject to Mr Kirchner completing on the Asset Purchase Agreement and a deal being finalised in respect of a lease on the stadium by 31 May 2022.’
The sale is targeted for 31st May or earlier. Until that time, however, the club will remain in administration.
Kirchner, who has been the clear preferred bidder for a few weeks, said on Twitter, “Today is a day I’ll never forget. I’m humbled and excited to share that we’ve exchanged contracts with Quantuma and I will be the next owner of Derby County Football Club.”
“My team is now moving forward on the process to rebuild this iconic club. This has been a traumatic period for everyone and I can say that I hope this is the most difficult transaction I have to complete for a very long time.”
I’ve been beyond fortunate and I’ll never forget how lucky I am. I’ve had the opportunity to realize many of my dreams and even a lot of things beyond my dreams. Today is a day I’ll never forget. I’m humbled and excited to share that we’ve exchanged contracts with Quantuma and
— Chris Kirchner (@cskirchner) May 16, 2022
Derby administrators, Quantuma, said, “The period of time between exchange and completion will allow the joint administrators and all relevant stakeholders the time required to work together to meet the conditions required to complete this very complex transaction.”
A major hurdle preventing the deal from going through to this point has been the status of the 33,597-capactiy Pride Park Stadium. Former owner Mel Morris still owns the stadium, but a group involving local businessmen, ‘Team Derby’ MPs and city council bosses are continuing to work on a deal to purchase it, so the Kirchner takeover can be completed.
Derby Country was placed in administration by Morris in September and docked 21 points over the course of the season because of that and breaches of EFL financial rules. This resulted in the club being relegated from the Championship and into the third tier for the first time since 1986.
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