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It was confirmed that no action will be taken after an alleged gesture was made by Mr Davies towards the Preston crowd after the Rams 1-1 draw at Pride Park.
Davies had to suffer constant abuse from the Preston section of the ground. The abuse by the Preston fans follows Billy's move from the Lancashire side earlier this summer.
The new Rams boss was clearly not amused with the chanting and accused the visiting supporters of chanting "filth" at him during the game and described their behaviour as "appalling" and "absolutely scandalous."