Media: Derby owner wants to sell club for £1
20 March 2019
Derby County owner Mel Morris is trying to sell the Championship club for £1 as he instead focuses on having his debts repaid in the sales process, The Times reports.
The owner of Championship club Derby County, Mel Morris, is trying to sell the club for £1 as he looks to have the club’s debt to him repaid in the sales process, The Times reports.
Morris has attracted interest from the United States and the Far East, but no formal bids have been submitted yet. The Times also reports Morris has received several proposals willing to take on a percentage of the club’s debt to him, but that he is holding out for a better deal.
Since fully taking over Derby in 2015, Morris has invested £161 million in the club and the club’s latest accounts show he has lent the holding company owning Derby, Sevco 5112, £95 million, though that figure will have increased significantly since then, as the club is losing between one and two million pounds each month, according to The Times.
Spending cannot continue
The club has been losing money every year since leaving top flight football in 2008 and the club’s wage bill of over £40 million is one of the highest in the division.
With the club still in the Championship the local businessman earlier also stated that spending cannot continue at the current rate.
"It’s impossible to spend at the level we have year after year," he said.
After winning just one of their last seven games, Derby is currently placed eighth in the Championship, 1 point behind Aston Villa in sixth, though the Rams have played one less game.
Derby are in their 11th consecutive season in the Championship.