Finance expert verdict on how close Derby County are to takeover as David Clowes’ business assessed

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Derby County have been extremely busy so far this summer, with 10 new signings already confirmed at Pride Park.

The Rams are pushing to bring in another new face, with Lewis Travis telling Blackburn Rovers he wants to reunite with John Eustace in the East Midlands. However, a £1.5m bid for the Rovers captain has been rejected.

A penalty shootout victory over West Brom on Tuesday evening will have given the team plenty of confidence heading into Saturday’s clash against Coventry City, who have not won at Pride Park since 2003.

However, the question that supporters continue to ask at Derby is ‘when will investment come?’, and after a relatively heavy-spending eight months, answers are still wanted.

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Finance expert offers update on Derby County’s investment plans

It was back in September 2024 when it was reported by The Telegraph that David Clowes was looking for external investment, although this was not exactly a secret at the time.

Nevertheless, with the weeks ticking down until the transfer window comes to a close, our finance expert, Adam Williams, has provided EFL Analysis with an update on any potential investment at Derby, and it will impact on their spending.

He said: “Derby have clearly primed the pump for some investment this summer. If they get Lewis Travis from Blackburn, that’s probably going to take the net outlay towards £10m. They spent a decent amount last season too, though that was offset by sales and they ended up with a positive net spend.

“I think David Clowes will have been prepared to give Eustace a bigger budget this summer because of the wages they have shed with players leaving on free transfers. There was also just an implicit need to strengthen given how close they were to the drop last term.

“I wouldn’t necessarily think that’s a sign of external investment getting any closer. If you look at Clowes’ rhetoric recently, it doesn’t sound like anything is imminent. But if he’s going to get a good price for the club – either for a minority or majority stake – it needs to be in the Championship. You lose the best part of £7-8m in broadcast income overnight in League One, which is probably about one-third of Derby’s turnover in 2024-25.

“The owner has reiterated that he wants to leave the club in a better place than he found it. You have to continually strengthen in order to do that, planning two, three or four seasons ahead even if you know you aren’t going to be around for that long.

“In terms of how much money they have left in the tank, it depends how they have structured the Agyemang signing and how they might structure Travis. But I don’t anticipate they’ll have too much left over for fee-paying signings after that. Not without more outgoings, at least.”

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The Rams still need wingers if they are going to spend

The difficulty with a transfer window is getting the right balance, and while Derby have had success in the number of new players that they have brought in, they are still light in some areas.

After Corey Blackett-Taylor was ruled out for six weeks with a hamstring issue, Eustace only has Kayden Jackson at his disposal on the flanks. However, he could utilise Joe Ward on the wing if needed.

The Rams are also keen on Mikey Johnston, a right-back playing for Austrian champions Sturm Graz. But, with Travis’ fee still to be paid, priorities will be set.

Nevertheless, Clowes has put Derby into an incredible position over the course of the last few years, and to go from administration to a club with stability in the space of three years is remarkable.