Peter Gadsby, the former chairman of Derby County, has offered to buy the club back after accusing the American board of failing to invest in the club since their £50 million takeover. Gadsby, who was angered by the manner in which he was dismissed as a nonexecutive director on Friday, claims that General Sport & Entertainment (GSE) has not injected funds into the Coca-Cola Championship club since taking charge.

Gadsby headed a consortium of businessmen that rescued the club in April 2006 and, after reducing the debt, Derby celebrated promotion to the Barclays Premier League last year. Nine months ago, however, as the club headed for relegation in record time, Gadsby invited Adam Pearson to become the leading shareholder with a brief to bring in new owners. This led to the takeover in January, when Pearson welcomed Andrew Appleby, the chairman of GSE, and Tom Glick, his associate, on to the board.

Gadsby feels that he was “frozen out” by his successors as they failed to answer his questions asking for proof of investment. “I feel compelled to question whether any new money has been invested since the takeover by GSE,” he said yesterday. “In six months I was not provided with a piece of financial information and, despite my 20 years of involvement in the club, neither my opinion nor my advice was sought.”

Gadsby maintains that the club are about £20 million in debt and that shareholders were uncertain that they would be paid their dues by Friday’s deadline. With 22,500 season tickets sold, the property magnate believes that supporters have been obliged to finance this summer’s transfer activity. “I accept my share of the responsibility since I, along with Adam Pearson, took on trust the pledges of investment from the American consortium,” he said. “I apologise to supporters for what I regard as a serious mistake.”

A source close to the Derby board-room said last night: “New investment is coming in and will result in fresh representation on the board. There will be significant funds available to the manager [Paul Jewell].”