Pride Park Stadium

Next Game

Derby v Reading

Tuesday, 23 September 2014, 19:45

Capital One Cup Third Round

Pride Park Stadium

Last Game

Derby 2 - 2 Cardiff

Saturday, 20 September 2014, 15:00

Sky Bet Ch'ship

Rush: Derby finances in check

Derby chief executive Sam Rush insists the club is now debt free aside from the £15million mortgage on the iPro Stadium.

Last Updated: 31/03/14 at 14:39 Post Comment

Sam Rush: Derby chief executive says club are in a very positive position

Sam Rush: Derby chief executive says club are in a very positive position

More of the games that matter

2 years free Sky Broadband Unlimited for Sky Sports customers

The Sky Bet Championship club have announced their financial results for the year ending June 30, 2013 and revealed that their parent company - General Sports Derby Partners LLC - has converted their loans to equity.

During the 12-month period, £6million of loans were converted while the remaining £22.5million has since been converted.

Rush told the club's official website: "The owners have further reaffirmed their commitment to the future of Derby County by converting loans into equity. In total, General Sports Derby Partners has converted £28.5million of loan into equity.

"In the past, whatever cash amount the owners were writing would be sitting on the club. You could have a situation where an owner says 'right I have had enough now, I want to take my money out', as you could with a one-man ownership, and we have seen that happen in football, which has led to great difficulties.

"The owners have taken the view that they will convert it to equity, which means it then becomes shares for them and confirms their ownership position.

"As a result, owners can't take money out immediately, they can only take the money out in the event of a sale.

"I think this leaves the club in a very positive position."

Derby's latest accounts show a fall in turnover to £15.4million from £17.3million for the previous year.

The reduction was explained as a result of a combination of factors - predominantly a reduction in TV receipts and the outsourcing of the club's retail operation.

The club's wage bill was £10.5million, which includes administrative staff, up to June 30, 2013 but Rush says that has increased by more than £2million since.

This financial year also saw the introduction of the first period of the Football League Financial Fair Play (FFP) regulations, with Championship clubs allowed to post a maximum loss of £8million for 2013-14.

The Rams recorded a net loss of £7.1million, compared to £7.9million in the 12 months before.

Rush said: "The owners should get a lot of credit, they continue to support the club year on year. There are losses in excess of £7m again and they are being supported.

"For a Championship club to be debt-free and not have that immediate recall is a very good and very stable position.

"It has been a very positive time for Derby in the past 12 to 18 months. There has been a good return on season tickets and a great response from our sponsors and now this further commitment from the owners puts Derby in a very positive position going forward."

Derby are expecting to report a significant increase in turnover for the current financial year, which they project to be in excess of the £17.3million recorded in 2012.

"Looking forward to the current financial year when the figures are released for the current campaign they will show just how significant an upturn in results on the field can have on financial results," added Rush.

"With the majority of the season spent in the top six of the Championship and a lucrative home FA Cup tie against Chelsea in January of this year, the feelgood factor will contribute to an increase of nearly £2.4million in turnover."

More of the games that matter

2 years free Sky Broadband Unlimited for Sky Sports customers

Related News

Most Commented

Readers' Comments

H

ilarious, thanks for that. But if I may, I do suspect the reason of your partners' ire is not Tottenham, but most probably all the compusilve gambling :)

DannySmith
Backing Costa To Keep Banging 'Em In

T

wo police horses in a paddock. Horse 1: What's with the long face? Horse 2: I'm working St James Park this weekend.

hump3.
Pardew braced for protests

T

wo things. First, I can't stop reading your name as 'Dane Bowers'. Second, you used the words 'philosophy' and 'Redknapp' in the same sentence.

ajsr1982
Can United's Defence Handle Ulloa?

Footer 365

Championship: Cardiff refused permission to speak to Leyton Orient's Russell Slade

Leyton Orient have refused Cardiff permission to speak to Russell Slade regarding their vacant manager’s role.

Wigan v Ipswich Live

Live coverage of Wigan v Ipswich from the Championship as well as news and latest build-up to the Ryder Cup.

Championship: Norwich investigate claim of homophobic abuse

Norwich are investigating an allegation of homophobic abuse during their Championship game with Birmingham City.

Mail Box

Will Rodgers Finally Drop Gerrard?

The mailbox wants to know if Brendan Rodgers has the stones to drop Steven Gerrard. Plus, thoughts on Wayne Rooney's display, sitting down, and thanking United fans...

Clattenburg And Assistants Should Be Suspended

It's a Mailbox containing Manchester United fans taking defeat to Leicester pretty well, plus some long thoughts on Gerrard and Liverpool, plus Southampton congratulations...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property