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Wednesday, May 27, 2009

Flashback: QPR Exit Administration: Seven Years Ago Today

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Goodbye Administration. Welcome ABC Loan!

- Seven Years Ago today, May 27, 2002: QPR Exited Administration - and entered the era of the ABC Loan, with fans wondering why the club had left Administration with a ten million pound debt. Not to mention, fans wondering exactly WHO was behind the ABC Loan.

BBC/Dave McIntyre Monday, 27 May, 2002 - Survival boost for QPR
- Second Division QPR have been taken out of administration.
The administration order was lifted following a hearing at the High Court on Monday.
- Former chairman Chris Wright took a substantial write-off on his loans and handed back a large part of his shareholding in the club a few weeks ago.
We have faced some javascript:void(0)tough decisions and learned some hard lessons
David Davies QPR chief executive
His decision helped enable the repayment of debts to all the Loftus Road club's creditors.
Loftus Road chief executive David Davies said in a statement: "This is wonderful news and the conclusion of one of the darkest periods in our history.
"We have faced some tough decisions and learned some hard lessons.
"These are lessons which many clubs are now having to learn.
"We will come out of this experience in a much stronger position.
Wright retains stake
"Gone are the days when players will be paid excessive wages.
"When we first went into administration, QPR was highlighted as being run on the economics of a madhouse.
"What we have done is bring some sanity to the club."
Wright, the main creditor as well as owner, agreed to accept half of the £6.7m he was owed.
But he has retained a 25% stake in the company as well as ownership of the club's training ground.
Rangers failed to get out of the First Division despite a massive investment resulting from a floatation in the summer of 1996.
They were hard hit the money from 'parachute' payments given to relegated clubs ran out.
With a wage bill already far too big for the First Division the club dropped into Division Two last year and in April 2001 administrators BDO Stoy Hayward were called in.
Transfer embargo lifted
But as many clubs struggle following the collapse of ITV Digital, QPR find themselves in a strong position.
They have not budgeted for television money and have slashed their wage bill.
It has been an awful period for QPR but I'm calling us 'the orange club', because the future is bright
Ian Holloway
QPR manager
Current manager Ian Holloway also has highly-rated players in his squad such as Richard Langley, Clarke Carlisle, Terrell Forbes and Dan Shittu.
Holloway said: "QPR were the first into the tunnel and are coming out of it just as everyone else is going in.
"There must be a lot of worried clubs but we have learned hard lessons and now we are on solid ground at last.
"It has been an awful period for QPR but I'm calling us 'the orange club', because the future is bright."
Holloway will now be looking to add to his squad having been restricted by a transfer embargo, which will be lifted with immediate effect after the club was taken out of administration. BBC

Bucks Free Press - May 31, 2002 On QPR Out of Administration.
- QPR on road to cash recovery QPR 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." Bucks Free Press

- See: QPR1st May 2002

May 30, 2002 - BBC - May 30, 2002 - Blackburn takes charge at QPR
- Nick Blackburn has been installed as the new chairman of QPR, following the club's exit from administration last week.
Blackburn was vice-chairman to Chris Wright, and then acting chairman following Wright's resignation last year.
Rangers chief executive David Davies had been strongly tipped to take on the role of chairman, having helped steer the club through its crisis period.
However, Davies will be staying in his current job, while director Ross Jones has taken over as chairman of parent company Loftus Road plc. BBC

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