U.S-based GSE buy Derby County

By Sonia Oxley

LONDON (Reuters) - English Premier League strugglers Derby County named U.S.-based General Sports and Entertainment (GSE) as their new owners on Monday.

The takeover by the sports and entertainment marketing and management firm is worth around $100-120 million (50-60 million pounds), Derby chairman Adam Pearson told a news conference.

"You guys have been bandying figures of circa $120 million/$100 million, which you wouldn't be far away on but the specific breakdown of that financial information we're just not prepared to go into," Pearson said. "It's a big figure in this financial climate."

The club said earlier that the investment was in the form of cash, and not debt, and that the financial future of the club was underpinned.

Derby lie bottom of the Premier League, with just one win from 23 games. On Saturday they were knocked out of the FA Cup after a 4-1 thrashing by Championship (second division) side Preston North End.

Manager Paul Jewell, who said one of the main reasons he joined the club in November was the impending takeover, has yet to be told how much money he will have to spend on players.

"Certainly Paul's transfer pot is one that we'll be keeping closely guarded, seeing as Paul doesn't know it yet and I think it would only be fair to discuss it with him first," said Pearson.

With the club heading ever closer to relegation, the new owners' focus is on paving the way for long-term success rather than providing a quick fix.