QPR Holdings Board of Directors Resigns as Preparatory Step to Takeover

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QPR Official Site - BOARD CHANGES
Posted on: Mon 20 Aug 2007

The Board of Directors of QPR Holdings Ltd have tendered their resignations with immediate effect ahead of potential new investment.
Speaking to www.qpr.co.uk earlier today, out-going Board members Nick De Marco, James Ferrary and Kevin Steele issued the following statement.
"We are delighted to be able to tender our resignations from the Board of Queens Park Rangers Football Club in order to assist in the changes set to take place this week.
We believe the new investment coming into the Club will be the most important for years; will save QPR from the perilous financial position we have found ourselves in over the past years; and should put the Club in an excellent position to move forward.
We would like to thank Gianni Paladini in particular for attracting this important new investment and we are delighted he will stay on as Chairman of the Club. Gianni has had a difficult job keeping the Club going but he has pulled off a master-stroke in bringing in this new investment.
We are also deeply grateful to Antonio Caliendo and Franco Zanotti for both financing the Club over the past years and for the terms upon which they have agreed to assist with the new investment.
We are certain the new investors and the new board will get behind John Gregory and give him the support he needs. We are also positive that the fans can get behind a new board and continue in their loyal and unrivalled support for the team.
It has been an honour for all of us to serve this great Club, and we are grateful to all the staff and supporters we have had the pleasure to work with."
*The Club will be making no further comment at this stage. QPR