 After a decision-making process which took some time, former Preston North End manager, Billy Davies was installed as the Ram's new manager.The consortium managed to clear a significant proportion of the club's debts, which had reportedly risen to an estimated £52 million, as well as restoring ownership of Pride Park Stadium to the club.As a result, Davies was allowed a respectable transfer budget, and Steve Howard was Derby's first £1 million signing since 2000.