Sky Sports News has been told that Derby County's debts are more than 60 million dollars.
One source has told SSN that they have never seen a club with so much debt.
The club owes over 30 million dollars to the taxman, as well as a further 20 million to the US investment firm, and 10 million to other.
Non-secured creditor are likely to receive less than the full amount of their debts.
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The debt has spiraled because of the decision not to issue winding-up orders against football clubs during the coronaviruses epidemic.
Derby has a lack of income when games are postponed and Pride Park is empty.
Negotiations are ongoing. The administrators of Derby want to reduce the tax burden and make the club more appealing to would-be buyers. Similar discussions are taking place with the other creditor.
If Derby are to move forward, they need to address the huge level of debt and the fact that Pride Park is still owned by Mel Morris.
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The legal claims from the two clubs that say that Derby broke financial rules cost them a lot last season are key stumbling blocks.
The two teams missed out on the play-offs.
Sky Sports News was told that the legal claims could be addressed in front of an independent panel next week.
If the independent hearing fails, the matter could be dealt with in a civil court hearing before next weekend, so that the administrators can focus on the other issues before appointing a preferred bidder.
Sky Sports News has been told by another source that Derby's situation is complex and could cause a potential buyer to run for the hills.
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In an exclusive interview with Sky Sports, Rick Parry said there was a willingness to work night and day to find a solution to Derby's financial problems.
The identification of a preferred bidder is the missing piece in the jigsaw and the other clubs will work together to find an agreement which suits all parties.
We are willing to work night and day to find a solution to cut through the noise, but we need that preferred bidder identified so that we are all talking realities and practicalities.
We can roll our sleeves up and get deals done.
The clubs are prepared to sit around the table. February 1 is the next month. We're going to run out of money, that's what they said.
If they have solutions, it's brilliant. Let's look at them. Nobody is trying to stop solutions. It is quite the opposite.
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