Peter Gadsby will remain on the Derby County board, despite being replaced by Adam Pearson as chairman yesterday.

He said: "Adam made it clear that if he was going to come in he wanted to lead the board.

"So I have sold a substantial block of my shares at the price I bought them and I am not leaving the chairmanship with a profit.

"This has helped provide the foundations for the club to seek further investment to bolster the squad and enable us to compete.

"I have had a wonderful relationship with Billy Davies and he is certainly the right man to keep us in the Premier League."