Derby County have officially entered administration, as stated on the club's official website.
The Rams filed for the procedure last week after the club essentially ran out of money, with debts to HMRC and other creditors stacking up against the club.
An automatic 12-point deduction will now be placed on County, which will send them to the bottom of the Championship table with -2 points.
Advisory firm Quantuma have been put in charge of the club and in a statement released on the club's official platforms, lead administrator Andrew Hoskins has committed to ensuring the Rams 'completes all its fixtures in the Championship this season and finding interested parties to safeguard the club and its employees'.
There could be more punishment for the club as well in the coming weeks as they face an extra nine-point deduction for various breaches of EFL rules relating to their amortisation policies, which saw them fined £100,000 by an independent regulator earlier this summer.
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The EFL though pushed for further sanctions and it was reported by the Daily Mail last week that an agreement was reached 'in principle' for a points deduction, although a business plan still needed to be agreed.
The Verdict
Derby fans knew this was coming but it doesn't make it any less frustrating.
Wayne Rooney was hamstrung enough over the summer as it is as he wasn't allowed to make many signings due to the embargo placed upon the club, but now it's set to get even tougher.
The points deduction which will hit immediately will take the Rams to -2 points but the further blow of an extra nine points will make it almost an impossible task with the squad Rooney has to turn that tally around.
It would take promotion-winning form to save the sinking ship and you can imagine unless a takeover happens before January then key players will need to be sold to address the debts at the club, with £26 million owed to HMRC amongst other creditors that need to be paid.