Saudi government official and boxing powerbroker Turki Alalshikh has abandoned his proposed takeover of Derby County.
Derby were in discussions with Alalshikh’s Lion Sport over the purchase of controlling interest in the Championship outfit, but talks will no longer proceed with the club now “off the market”.
The acquisition process had been sanctioned by both the Independent Football Regulator (IFR) and the EFL, notification of which Derby received last week.
But in a stark change of course, Derby confirmed on Monday: “Today the club received notice that Lion Sport no longer wanted to continue with the purchase.
“For the benefit of any doubt, the club is now off the market and will continue to operate under the loyal, committed and unwavering support of Clowes Developments.”
Alalshikh cited the length of time for his takeover to get ratified by the IFR as one of the primary reasons he chose to pull out of a deal, which left him with “no time” to make preparations for the upcoming season.
“We understood that the IFR process takes time and fully respect the importance of that,” he posted on X.
“But unfortunately with the season already started, it would leave us with no time to prepare the team or the club for the season ahead.
“After careful consideration, we don’t feel it is right to proceed at this time without the necessary preparation in place, but we will remain in conversation with the club and see what is possible in the future.”
Alalshikh, who is the chairman of Saudi Arabia’s General Entertainment Authority, is at the heart of boxing and is the co-founder of promotion Zuffa alongside UFC president Dana White.
Derby begin their league campaign at Charlton on Saturday.
Additional reporting from PA
