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Wednesday, April 18, 2007

Almost Five Years Since QPR's ABC Loan, Exit Administration and Takeover Efforts Ended

Next month marks the critical five year mark since QPR entered the 10-year, 10% per annum 10 million pound loan from the "mysterious" ABC Corporation.

May 2002: QPR Get out ofAdministration having take on the 10 Million Pound loan from the "mysterious" ABC Corporation.
: Bucks Free Press - May 31, 2002

QPR on road to cash recoveryQPR or to be strictly accurate, parent company Loftus Road plc are out of administration following a High Court ruling on Monday.
The plc and QPR went into administration in April 2001, but following a refinancing package finalised by the directors last week, the company has been able to pay off its creditors.
Chief executive David Davies said: "This is wonderful news and the conclusion of one of the darkest periods of our history. Having the administration order lifted marks the end of more than a year of tough financial decisions and hard work.
"This would not have been possible were it not for the commitment of coaches, players and backroom staff and the hard work of our administrators."
Mr Davies said, however, that one of the major factors in pulling the club back from the brink had been the supporters: "None it would have been possible without the support of the QPR fans. After seeing the club placed in administration, relegated and then lose more than half of our squad, they stuck by us in record numbers and continue to do so."
He went on to say that he felt the hard lessons learned would benefit the club in the future - "gone are the days when players will be paid excessive wages" - at a time when many clubs are on the verge of calling in the administrators. In the past, QPR had been highlighted as being run "on the economics of the madhouse."
But Mr Davies warned that although coming out of administration was a major step forward, much remained to be done on and off the field, although he was optimistic that the hard work of manager Ian Holloway and others would bear fruit.
"We don't suddenly have a magic wand to wave and make everything better. We are not suddenly flush with cash. With hard work and passion, we will improve this club but by bit and season by season.
"Ian Holloway has restored pride to the team and brought together a hungry and talented bunch of players. With the handcuffs of administration finally removed, we can start to build a solid future for QPR."

QPR 1st May 2002 on the ABC Loan QPR 1st Statement

Some of the Takeover Efforts after Chris Wright Resigned

BBC - Monday, 18 March, 2002, QPR bid withdrawn
A consortium led by QPR fan Harold Winton have withdrawn their bid to buy the club.
The group expected to agree a deal with owner Chris Wright but talks were broken off.
Wright had indicated that he was willing to compromise on the debt he is owed by the club and its parent company, Loftus Road PLC.
But in a letter to Wright, Winton states: "It appears that you may have had second thoughts on this matter and are now seeking payment in full.
"It is with much regret that we are withdrawing our bid to acquire QPR FC." BBC

BBC - Thursday, 21 March, 2002, Solution in sight for QPR
Queens Park Rangers are close to coming out of administration after the Loftus Road board launched their own bid for the club.
Board members Ross Jones, Nick Blackburn and David Davies have made an offer to owner Chris Wright in an attempt to acquire Rangers and parent company Loftus Road plc.
The move comes after a consortium fronted by Brian Melzack failed to progress with their bid.
There are fears the Football League will not allow the club to start next season if it is still in administration. BBC

BBC - 20 May, 2002, The Wintons
One of the QPR fans that funded Dan Shittu's move to Rangers insists the defender should have been included in Nigeria's World Cup squad instead of Crewe's Efe Sodje.
Alex Winton and brother Matt financed the deal that allowed Rangers to sign Shittu and French striker Doudou. ...
The Wintons made their own attempt to buy QPR before Loftus Road directors secured a refinancing deal to take the club out of administration.
The family are now in talks about joining the new board at Rangers.
They are also foundinWe Are QPR plc, a cash-raising venture fans can pay into in order to help fund future signings and player contracts. BBC

BBC- 4 April, 2001, - New takeover bid for QPR
Troubled times at Loftus Road

A city-based consortium has launched a fresh takeover bid for Division One club QPR.
A group of eight financiers - comprising fans of both Rangers and sister club London Wasps - have submitted a substantial offer for parent company Loftus Road plc, which went into administration earlier this week.

The consortium intend to move Wasps into Rangers' Acton training ground, which the clubs would share. Both teams would continue to play at Loftus Road.

Should the bid prove successful, the group are also keen to have supporters of both clubs elected to a new-look board of directors.

QPR were put into administration on Monday after plc chairman Chris Wright revealed that the company was losing £570,000 per month. BBC

Wednesday, 12 February, 2003, QPR clinch USA link

QPR have announced details of a link-up with US outfit Milwaukee Wave.
The deal, which was agreed in principle in December, follows talks between Rangers chief executive David Davies and Wave supremo Tim Krause.
Wave, who are based in Wisconsin, are an indoor soccer side.
But they will be fielding a Division Two outdoor team called Milwaukee Wave United in the A-League - the American equivalent of the English First Division - this season.
Davies and Kraus were brought together by Brian Melzack, who fronted a consortium that almost took over at Loftus Road last year.
The tie-up will initially involve the co-staging of Soccer Schools this summer, while players are likely to be exchanged between the two clubs as part of the arrangement.
But the link may not end there.
Krause has been approached about investing in QPR.
He is one of several parties interested in a block of shares former Rangers chairman Chris Wright agreed to free up when the club came out of administration last year.
The shares total around 25% and are also being eyed by an Italian group that has held talks with the club.
Other interested parties include another former member of the Melzack consortium, and also local businessman Kevin McGrath, who recently joined the QPR board.

Friday, 2 February, 2001, 11:20 GMT
Wright steps down at Loftus Road

Francis is manager of the struggling Division One club

Chris Wright is to quit as chairman of First Division strugglers QPR following a clash with the club's fans.
The multi-millionaire businessman decided to end his four-year reign after supporters tried to storm the directors' box during Wednesday's defeat by London neighbours Fulham.

QPR, managed by Gerry Francis, are currently one place off the foot of Division One.

I made it quite clear that I would only remain as chairman as long as I felt I had the support and confidence of the fans

Chris Wright
Wright's departure also affects Zurich Premiership side Wasps, the rugby union arm of Loftus Road plc.

In a statement, Wright, a life-long QPR fan, said: "When I took over as chairman of QPR in August 1996 immediately following the club's relegation from the Premier League, I made it quite clear that I would only remain as Chairman as long as I felt I had the support and confidence of the fans.

"Following the unsavoury incidents around the directors' box during the match against Fulham on Wednesday evening, it is abundantly clear that time has now arrived.

"I intend therefore to resign as Chairman of both Loftus Road plc and QPR as soon as a replacement can be found."

He added: "I anticipate that the Boards of both Loftus Road and QPR will move quickly to appoint an interim Chairman for both entities until such time as a permanent replacement can be identified.

"I am fully aware that QPR is financially dependent upon the loans that I have put in place to the club and will continue to be dependent on further injections of money to survive for the immediate future.

I have committed close to £20 million to Loftus Road/QPR

Chris Wright
"In order not to jeopardise the club's difficult current situation in terms of its position in the Division One League table, I will continue to provide whatever financial support is necessary until the company identifies my ultimate long-term successor with the ability to take over that responsibility even if such individual does not come on board before the end of the current season.

"To date, I have committed close to £20 million to Loftus Road/QPR, at a point in time when changes in my personal circumstances have had a seriously adverse effect on my ability to secure liquid cash.

"I am aware that this may be significantly less than the funds available to one or two of the other clubs in Division One, but it is quite frankly as much as I have been able to secure." BBC

BBC Monday, 2 April, 2001,
QPR put into administration

Troubled Queens Park Rangers plight worsened when the club were put into administration on Monday.
A statement on the club's website read: "The decision has not been taken lightly and is a direct result of the losses incurred by the Group, currently running at £570,000 per month, over a sustained period of time."

The club is owned by Loftus Road plc and shares in the company have been suspended.

This move comes after chairman Chris Wright failed to find a buyer for the club.

Hopefully the day to day impact on the operation of QPR and Wasps as professional sports teams will be negligible

QPR chairman Chris Wright
Wright was believed to be in discussions with former director Andrew Ellis, but those talks seem to have broken down.

QPR share their Loftus Road ground with Wasps and Wright says he will continue to finance the day-to-day running fo the club until the end of the season.

The London club's problems could further deteriorate if they lose their battle against relegation.

Wright said: "It is a very sad day for everyone involved in Loftus Road.

"The last six months have been a real struggle financially and although my intention was to secure a sale to the right buyer before having to take this decision, it has not been forthcoming.

"I will continue to fund the day to day running of the Group until the end of the season and help to find a purchaser for QPR and Wasps.

"Hopefully the day to day impact on the operation of QPR and Wasps as professional sports teams will be negligible, at least in the short term, and will in fact make the longer term more viable." BBC

BBC -Tuesday, 3 April, 2001,
Rangers safe, say administrators

The newly-appointed administrators of Queens Park Rangers have insisted the First Division club's future is not under threat.
Ray Hocking and Simon Michaels, of BDO Stoy Hayward Business Recovery Services, have been appointed joint administrators to holding company Loftus Road plc and their wholly-owned subsidiary QPR.

The administration was applied for by directors of Loftus Road plc as the best course of action for their long-term survival. The company have amassed debts of up to £11m.

"I don't see it as an existence-threatening position. I see it as a necessary step to ensure in the future there will be a Queens Park Rangers," said Hocking.

"Our priority is to secure a buyer for the company and the club and to ensure that creditors receive their monies."

There's no panic to dispose of this in the next few days or the next few weeks

Ray Hocking, QPR administrator
Chris Wright, majority shareholder and chairman of Loftus Road plc, will continue to fund the club and Hocking confirmed that rugby union club Wasps - another subsidiary of Loftus Road plc - has not been put into administration.

Hocking insisted he was in no rush to find a buyer for the company and the club and said: "It could take a couple of weeks and it could take a season or more. It really does depend on who comes along.

"We will wait until we get the right offer. There's no panic to dispose of this in the next few days or the next few weeks. We are looking at a long-term survival programme here, not a quick fix."

Hocking also stressed the club's assets were worth more than their liabilities. "The club owns its ground and its training ground and they are worth considerable sums of money," he said.

I think it's fair to say that the atmosphere among the players is pretty good

David Davies, chief executive of Loftus Road plc
"Any offers that include those have got to be considerable. We have got to be looking well above the £15-20m mark."

David Davies, the newly-appointed chief executive of Loftus Road plc, said the players, currently battling against relegation, remained positive.

"I think it's fair to say that the atmosphere among the players is pretty good," he said. " I see it as the beginning of a new era for QPR. BBC

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