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Eight Years Ago, Today, the Nightmare Began: "QPR Enter Administration"
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- Eight years ago today, QPR fans heard the shock news "Rangers in Administration." Already in a relegation fight to avoid returning to the Old Third Division, this was a period, when the letters ABC were only letters in the Alphabet. When Wimbledon were only another a team: Not a seeming merger partner.
The Bible speaks of Seven years of lean and followed followed by seven years of fat. Well QPR fans have had their lean years. Now QPR fans hope that it's time for, as they say in Louisiana: "Laissez Les Bon Temps Roulez" (Let the Good Times Roll)!
April 2, 2001 - QPR Official Statement - RANGERS IN ADMINISTRATION
The Board of Loftus Road PLC regrets to inform shareholders and supporters that after consultation with its advisors it has decided that the best course of action to help ensure the Group's longer term survival, is to put the holding company, Loftus Road PLC, and its wholly owned subsidiary The Queens Park Rangers Football and Athletic Club Ltd (QPR), into administration.
This 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 main objective of the Board is not only to ensure the continued operation of QPR and Wasps as professional sports teams in the short term, but to maximise their opportunity for a more prosperous future.
Chris Wright will be honouring his prior commitment to the Group and providing whatever financial support is necessary to ensure the continued running of the Clubs until a long term successor can be found or, initially, until at least the end of October 2001.
Chris 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. My support for both Clubs remains undiminished and my greatest wish would be for the right individual with ready funds, energy and ideas to step in and secure their future as soon as possible." QPR Official
BBC, 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
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 of 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
Guardian/Scott Murray May 2001 - QPR and Wimbledon in merger talks
Queens Park Rangers have confirmed they are in "very early stage discussions" with Wimbledon about a possible merger of the two clubs.
The talks began after QPR were put into administration with debts of around £8m, while Wimbledon have been searching for a permanent home for several years.
The announcement came after a report in this morning's Sun. The article claimed that the proposed new team will be coached by Dons boss Terry Burton and will play its home games at Loftus Road.
However, a spokesperson for Loftus Road plc, the owners of QPR, was at pains to state that a final decision has yet to be made.
"Our initial view is that, in the current financial environment for football outside the Premier League, the idea could have merit and may be worth exploring further," he explained.
"But we must emphasise that it is still very early days and no firm agreement whatsoever has been reached. The talks with Wimbledon will only continue if there is general approval from our supporter base."
Wimbledon chairman Charles Koppel also played down the reports.
"No agreement to merge Wimbledon with QPR has been reached," he insisted. "While discussions regarding the idea of a possible merger have taken place, we realise that no agreement could ever be reached without consulting our supporters first.
"If the fans felt that this was not the best thing, we would re-evaluate and move along a different route."
Unsurprisingly, supporters have already opposed the mooted merger.
Libby Magrill, spokeswoman for QPR 1st, the Queens Park Rangers Supporters Trust, said: "Historically, QPR fans will not support a merger with any other Football League club.
"Proposed mergers with Brentford in 1967 and Fulham in 1987 were successfully opposed by the fans, and any move to merge QPR with Wimbledon this year, or at any stage in the future, will be opposed by every possible means.
"QPR fans will fight to retain the identity of our club. We know that Wimbledon fans will do the same."
Wimbledon fans also expressed their opposition to the proposal, promising to protest at a meeting between the club and supporters' organisations later this week.
The Wimbledon Independent Supporters' Association declared that they "unequivocally oppose the merger of two separate identities, families, supporters and histories" and added: "At our forthcoming meeting on Sunday with chairman Charles Koppel prior to the final game of the season, we shall be discussing and exploring the way to go forward.
"In addition, we shall be making clear to the owners of Wimbledon Football Club our desire for our own stadium and retained identity.
"We urge the vigilance of Wimbledon and QPR supporters during this time and ask that you make your voices heard far and wide."
Meanwhile, speculation that a third London club, Brentford, could also become involved was dismissed by chairman Ron Noades, who had been linked with a rival bid.
Noades told the Evening Standard: "We are not interested in any merger with or takeover of QPR.
"We were in talks with QPR about a possible ground share at Loftus Road but those cannot proceed until the club is out of administration.
"In the meantime, our own talks about a new ground for Brentford in the borough of Hounslow are progressing well.
"If QPR and Wimbledon merge we would be interested to talk to them about a possible ground share if we do manage to move to a new home ourselves."
It has also been reported that an unidentified City-based consortium are preparing a £12m bid to buy QPR outright and keep the club's identity.
Their bid is for the rugby and football wings of Loftus Road plc and would involve QPR and Wasps sharing Rangers' Acton training ground. Guardian
- See Also: QPR Report - Buying QPR: The Various Efforts Five Years Ago During Administration
See Also: Various other stories/articles at QPR Memories (Scroll down on the right hand bar to the near bottom)
# ADMINISTRATION & TAKEOVER OFFERS QPR & Wimbledon in Merger Talks
# Fans rebel as London clubs talk of merger
# QPR-Dons merger 'to be dead within 48 hours'
# QPR Go into Administration
# QPR Administration
# Ray Hocking Speaks
# Melzac Consortium Bid
# Takeover Bid
# Winton Consortium Bid
# Council Opposes QPR
# No Relocation From Loftus Road
# Consortium Offer
# Consortium Offer
# Winkelman Consortium
# QPR-Milwaukee Link Up
# Australian InvestorEdit-Me
# David Thorne -QPR in line for Aussie Cash
# Ellis Pulls out of Bid
# Another Bid
# Holloway Condemns Heathrow Move
# New QPR Bid
# Melzack
# Melzack Bid
# New QPR Takeover Effort
# Haleem Kherallah
# Haleem Kherallah
# QPR to Milton Keynes?
# Wimbledon Merger Stopped
# Melzack Offer for QPR
-- QPR Memories (Scroll down on the right hand bar to the near bottom)
See Also QPR 1st Archives
QPR1st Statements at the time:
12th June 2001 The rest of the news from June
Tuesday 5th June 2001 Update on today's press release
Monday 4th June 2001 In depth status report from Dave Thomas
Friday 1st June 2001 Response to the "Standard" Loftus Road sale article and news of this weeks activities
Tuesday 29th May 2001 Update on the meeting with the Milton Keynes Stadium Consortium
Thursday 24th May 2001 QPR1st statement regarding the sale of Loftus Road plc
Wednesday 23rd May 2001 Statement regarding the "buy back deadline"
Friday 18th May 2001 EGM special report Extensive report on the EGM at Loftus Road
Thursday 17th May 2001 Pre EGM QPR1st statement
Wednesday 16th May 2001 Update
Tuesday 15th May 2001 Update
Saturday 12th May 2001 Meeting with the administrators
Friday 11th May 2001 Update and share pooling information
Thursday 10th May 2001 Update - meeting with local MP
Wednesday 9th May 2001 - Update
Thursday 3rd May 2001 - Merger off - Report by Dave Thomas
Tuesday 1st May 2001 - Statement about importance of 'controlled delivery'
QPR 1st Archives - QPR Report
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