From his marriage to Alice Spencer he had his eldest daughter, Anne Stanley, Countess of Castlehaven, in 1580. Henry VIII's will would have made her queen in 1603 as heiress of Henry's younger sister Mary Tudor; Elizabeth was actually succeeded by James VI of Scotland, the heir of Henry's older sister, Margaret Tudor.
Bernard Burke also mentioned two younger daughters of the Earl and Alice Spencer. Lady Frances Stanley (1583–1636) would become the wife of John Egerton, 1st Earl of Bridgewater and mother of John Egerton, 2nd Earl of Bridgewater. Lady Elizabeth Stanley (1588–1633) was married to Henry Hastings, 5th Earl of Huntingdon. Their son Ferdinando Hastings, 6th Earl of Huntingdon was named after his maternal grandfather.
Ferdinando was succeeded as Earl of Derby by his younger brother William. But the Baronies of Strange (of Knokyn), Mohun (of Dunster), and Stanley, fell into abeyance between his daughters and coheirs. The Barony of Strange (of Knokyn) was, however, improperly assumed by the succeeding Earls of Derby, and being, erroneously, supposed, in 1628, to belong to them, gave occasion to a writ of that date whereby a new Barony of the name of "Strange" was created.
From: http://en.wikipedia.org/wiki/Ferdinando_Stanley,_5th_Earl_of_Derby
Political Offices: Vice Admiral of Lancashire and Cheshire 1593-1594.
Head of State: Lord of Mann (Isle of Man).
Peerages of England: Earl of Derby, Baron Stanley, Baron Strange and Baron Mohun.