The owners of Derby County Football Club have appointed administrators to take over the financial affairs of the business.
The Championship club had been struggling unsuccessfully to find investors for some time, with owner Mel Morris previously saying he had no choice but to make the "gut-wrenching" decision over its future.
A statement issued by the club said Andrew Hosking, Carl Jackson and Andrew Andronikou, managing directors at business advisory firm Quantuma, had been appointed joint administrators of the club as of today, September 22.
Under the rules of the league it means the club will be hit with a 12 point deduction, which could rise to 21, all-but-guaranteeing relegation to League One.
The 137-year-old club, currently managed by former England captain Wayne Rooney, was one of 12 founder members of the Football League in 1888, and last played in the top flight in 2008.
The two-time champions of England play their home games at Pride Park having moved from its original home of the Baseball Ground in 1997.
In the statement, Andrew Hosking, Quantuma managing director and joint administrator, said: “I can confirm that Andrew Andronikou, Carl Jackson and I were appointed joint administrators of Derby County FC today.
“Covid-19 has had a significant impact on the finances of the club and its long-term ability to continue in its current form.
“We recognise that with the commencement of the 2021/22 season last month, this news will be of concern to stakeholders and fans, in addition to the city of Derby and the wider football community.
“We are in the early stages of assessing the options available to the club and would invite any interested parties to come forward.
“Our immediate objectives are to ensure the club completes all its fixtures in the Championship this season and finding interested parties to safeguard the club and its employees.”
Interviewed at the weekend Mr Morris said he blamed both Covid and failed takeovers for the financial problems.
He said he had invested £200 million since buying the club in 2015, but with problems starting to mount, Derby, which is currently under a transfer embargo, were put up for sale only for two takeover deals to collapse.
Mr Morris has apologised to the staff who now face uncertain futures and also said sorry to the supporters who have been through the emotional grinder for the last 18 months.
He said at the time: “It was a difficult, difficult decision, one of the most difficult I have ever had to make in my life.
“Was it one taken lightly? No, not at all. Was it one taken that I think is probably in the best interests long term of the club? Very probably.
"I think I made a fatal mistake that transcends all the other things. From the moment I announced I was prepared to effectively let the club go for no return to me, that left no room for negotiation.”
