TWO former Derby County directors have been convicted of plotting to steal hundreds of thousands of pounds from the club.

Ex-finance director Andrew Mackenzie and former director of football Murdo MacKay were yesterday found guilty by majority verdicts.

The two had denied conspiracy to defraud the Rams of £375,000 plus VAT – paid in secret commissions – after a £15m takeover of the club in October 2003.

It was alleged they used the loan "as a carrot" to buy the club for just £3.

The verdicts marked the end of their Northampton Crown Court trial, which has stretched over four months, with 25 prosecution witnesses and more than 1,000 pages of evidence.

The prosecution claimed they had taken the payment without permission being granted by the club's board and had deliberately hidden it, making it illegal.

During his evidence, Mackay, 53, of Alicante, admitted taking a cut of the cash but claimed it had been a legitimate payment for brokering the takeover.

Mackenzie, 55, of Littleover, Derby, had denied receiving any money.

Jurors have not yet reached a verdict on co-defendant and former Derby County chief executive Jeremy Keith, 44, of Abingdon, Oxfordshire.

He denies plotting with the pair to defraud the club. During his evidence, Keith said he took the money but admitted lying about it on a radio show, denying that "anyone at the football club or connected to it" had received payments.

He said he tried to hide the transaction from Rams fans, who he believed would be hostile towards him if they knew the truth.

The money was paid out after the £15m loan was secured from Panama-based ABC Corporation, which saved the club from receivership.

Former chairman Lionel Pickering had been struggling against a rising tide of debt at Derby County before the takeover, particularly after relegation from the Premier League in summer 2002.

The takeover allowed Keith, Mackay and Mackenzie to assume their important positions at the club.

Prosecution QC Richard Sutton claimed a plot was hatched between Mackay, Mackenzie and Keith to split the cash three ways and pay it through an outside company – not related to the club – to cover their tracks.

Mackenzie used most of his stolen money to buy a villa in Florida and pay for a holiday in Malaysia.

He tried to hide his role further by having most of the money he received passed through two companies – and then Monaco-based solicitor David Lowe – before it reached him.

Lowe, 68, was found guilty of money laundering, also by a majority verdict. He had refused to give evidence in his defence.

Accountant Mark Waters, 48, of Bromley, Kent, was found not guilty of false accounting relating to his alleged involvement.

He said he had been foolhardy rather than dishonest and believed the payments to be legitimate.

The jury was due to reassemble today to continue its deliberations over Keith.

Pre-sentence reports will be compiled for the three who were found guilty. They are due to appear before the court again for sentencing on Friday, July 17.