Derby takeover: Chris Kirchner adamant he still wants to buy the club despite missing cash deadline
Derby's future remains uncertain after preferred bidder Chris Kirchner failed to complete his deal for the club before Friday's 5pm deadline set by the administrators; Administrators have since complained of a "tirade of unfounded abuse" that has been sent to them
Saturday 11 June 2022 19:17, UK
Chris Kirchner is adamant he still intends to complete a deal to buy Derby County despite missing several deadlines for the purchase money to be paid, Sky Sports News can reveal.
Kirchner no longer has exclusivity to try to complete a takeover after missing Friday's 5pm deadline, set by the club's administrators.
It is understood he has told Quantuma, the administrators, the money to buy the club is lodged in a European bank clearing account, awaiting money-laundering checks to be completed.
Kirchner has altered his plans to fly back to America, and will stay in the UK to try to finalise a deal.
Sky Sports News can confirm Kirchner is one of five parties still interested in buying Derby - former Wolves owner Steve Morgan has now withdrawn his interest.
Former Derby chairman Andy Appleby is in renewed negotiations with Quantuma, but he is working to sure up investors who will commit to investing.
Ashley remains interested but 'disappointed' by administrators
Mike Ashley, former owner of Newcastle, has the cash to buy the club by himself and is still determined to purchase, but says he is being ignored by the administrators, while two other, as yet unnamed, groups are also involved in the bidding process.
Ashley has contacted Derby's administrators, Quantuma, through his lawyers and communicated that he "remains willing and ready to transact".
Ashley, who has been interested in buying Derby since October after he sold Newcastle, has made offers in the sale process but not received any response from Quantuma for some time.
A letter sent to the lawyers of Quantuma on Ashley's behalf says he has been "disappointed by what [he] considers has been the failure of the joint administrators to engage constructively" during the process.
It adds that Ashley does not wish "to be treated as a contingency measure and would require some form of security" from the administrators before entering into further discussions over the sale of Derby.
All the delays have led to increased debt on Derby's books, which means the asking price for the club is continually rising.
The original price, in the "high twenties of millions", is now likely to be in excess of £30m as a result, with the option to buy Pride Park adding around £22m on top of that figure.
A price tag of over £50m is more than any investor would pay to buy many Championship clubs. But it's thought Derby, despite relegation to League One, is still a very attractive proposition because of its big fanbase and future commercial potential.
Joint administrators issue update
A spokesperson on behalf of the joint administrators of Derby County Football Club ("The Club") said: "Further to their update yesterday, 10 June 2022, the joint administrators are concerned at the growing level of inaccurate reporting on the circumstances surrounding a takeover of The Club.
"The level of inaccuracies being reported is divisive and is unnecessarily driving both a rumour mill and growing anxiety, uncertainty, and ill feeling amongst supporters. The joint administrators are deeply disappointed to note that this has led to a tirade of unfounded abuse being levelled at the joint administrators and their staff.
"The joint administrators wish to clarify a number of the inaccuracies being reported as follows:
"The joint administrators confirm that, to date, they have received no payment for their work, and indeed have accrued substantial out-of-pocket expenses which the firm is currently funding.
"The joint administrators wish to confirm they are engaging with a number of parties who have expressed a desire to acquire The Club. As confirmed in yesterday's update, Mr. Kirchner is one of those parties, as he continues to seek to provide us with satisfactory evidence that he is in a position to complete the acquisition of The Club. At this stage, the joint administrators will not be naming any of the other parties they are engaging with. However, they understand some of those parties may wish to go public of their own accord.
"The joint administrators would also like to confirm the process in place for those parties who wish to acquire The Club. The joint administrators are running a competitive bidding process. Bids should be best and final and not contain any referential element. Clearly, any bid is subject to interested parties entering into an NDA, accessing the data room, and undertaking their own due diligence. Of the parties we are engaging with, some are more progressed in this process than others.
"In early May 2022, and prior to the naming of a preferred bidder, one interested party was advised that their unsubstantiated offer was at such a low level it was simply not capable of acceptance as it would not comply with the EFL policy on football creditors, nor would it comply with the EFL insolvency exit policy which is necessary for membership. Thereafter that interested party has had no contact with the joint administrators, until a subsequent approach in late May, which we were unable to take forward as, at the stage, we were in a period of exclusivity with Mr. Kirchner. The same party has been contacted by the Joint Administrators in the last 48 hours.
"The joint administrators wish to reassure all parties and supporters that they do not discriminate against any party, if a bid is deliverable and credible.
"Whilst we appreciate the events of this week are affecting communities, staff and fans we would ask that the media and social forums should exercise caution and not make false assumptions. The Joint Administrators are discussing with lawyers how to deal with certain manifestly inaccurate articles published recently."
