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Post by QPR Report on Dec 17, 2009 7:58:40 GMT
Edit another year...Seven years ago
QPR RESPONSE TO DAILY EXPRESS
QPR Official Site: Official Club statement by Antonio Caliendo and Gianni Paladini.
We owe it to QPR fans to respond to the allegations made in the Daily Express on Saturday in an article entitled "Are Rangers Going bust?"
The article was misleading in many respects and we can assure our many supporters that there is no possibility of QPR going bust whilst we remain on board.
We have seen too many attacks on QPR in the press that simply don't reflect the reality of today's situation. It seems there is always someone who wants to discredit our club.
Our goal remains the same as always: to take QPR to the highest position in English football.
Despite injuries and recent results, we believe John Gregory will be able to take QPR back to the position it was in when he played for the Club.
We accept that talk is cheap. Actions speak louder than words. We will only ever prove our critics wrong by taking the Club forward, and we are 100 per-cent committed to continuing with that.
Finally, we would also like to take this opportunity to wish all of the staff and fans of QPR a very happy Christmas and a successful New Year.
Antonio Caliendo - Chairman of QPR Holdings Gianni Paladini - Chairman of QPR FC QPR Official Site QPR
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Post by QPR Report on Dec 17, 2009 7:59:04 GMT
And this was the article they were responding to
Daily Express- Saturday, December 16 2006 - By Tony Yorke
Are Rangers going bust?; -Even Club's Accountants Have Fears for Future
Accountants at debt-ridden Queens Park Rangers have warned the club that they may have broken the law in their desperate attempt to avoid going bust.
The Daily Express has discovered the amazing confession in financial documents filed last month at Companies House - the government agency reporting directly to the Department of Trade and Industry. Recording debts to the tune of GBP 19million, an annual income of just GBP 8.5m and losses that are running at GBP 4.32m, auditors Rothman Pantall & Co have chosen to paint a very bleak future picture of the struggling Championship club, who are run by colourful chairman Gianni Paladini.
They expose the current accounts of Queens Park Rangers Football & Athletic Co - the company who run the football side of the QPR business - as being worthless because there is no "evidence" to back up the club's claims.
And they say the club's financial statements - lodged with the DTI an incredible 16 months late - may have been prepared improperly. If true, this would be a clear breach of the Companies Act and regarded as a criminal offence.
"We have had problems and the accounts have been a mess, " Paladini said yesterday. "But the issues we have faced have not been of my making.
"They are the results of the actions of the club's former directors. I am simply the man who has been left to pick up the pieces - which has included raising 6m [pounds[ since September 2005 so we can pay our way.
"Without that money, we would have been forced to call in the administrators because our losses have simply been so great. But we have not been insolvent, I guarantee that." But Paladini's reassurances may not have the desired effect on officials from the Football League and the DTI.
They will be very concerned by the claim that evidence provided by the club's board - including current and past directors - cannot not be relied upon, particularly over the club's assertion that they are a "going concern" and have not traded while bust.
And their own accountants have delivered a damning indictment on the business credentials of the club's board. "We planned our audit so as to obtain all of the information and explanations considered necessary in order to provide us with sufficient evidence to give reasonable reassurance that the financial statements are free of material mis-statement, whether caused by fraud or other irregularity or error, " say the accountancy firm.
"But the evidence available to us to confirm appropriateness of preparing the financial statements on the going concern basis was limited. This is because the company have not prepared any profit or cash flow projections for the appropriate period subsequent to the balance sheet date." As a result, they say, they have been "unable to form a view" as to whether the club are a going concern. They also could not offer an opinion as to whether the statements gave a true and fair state of the company's affairs or if they had been properly prepared.
Senior sources within the game's top brass and the DTI suggest they may be forced to act. "We are monitoring the QPR situation very closely and have spoken to the club about the restructuring of their debts, " said a Football League spokesman. "If we find out that Rangers have broken the rules then we will act." It is difficult to assess just how bad Rangers' financial affairs are because the figures released by the club on November 15 relate to the period ending May 31 2004 and are hopelessly out of date.
However, a well-placed finance director at a Premiership club who has seen the Rangers accounts, said: "There is a golden rule when it comes to football finances - you must avoid getting in over your heads at all costs.
"It goes to another level when your own accountant reports publicly that there is no evidence to back up important financial claims - and that the club may have breached the Companies Act.
"If that was to happen at my club, we would expect to be under formal investigation by the DTI and the League." Regardless of what might happen with the League and the DTI, Paladini has pledged to ensure things are done by the book in future.
"I have had professional people around me and relied on them to do things properly and on time, " he said. "That hasn't always happened. But you have my word that it will do now. From now on our accounts will be sorted out on time." (Daily Express, December 16)
[Immediately after the article was published - before the Official Site denial, on the .org messageboard, the club's then (unpaid) legal advisor, Nico (Nicholas) De Marco posted this response to the Express story:]
"More rubbish I am afraid. The only thing this story in the Daily "Dianni Inquiry was a cover up" Express proves is that a few sad people continue in their attempts to try and attack QPR.
I was warned of this story earlier this week. It is not a serious story at all, and the main claim that accountants warned the club 'that they may have broken the law in their desperate attempt to avoid going bust' is rubbish as the independent auditors (to which they mean) I am sure can testify.There was no 'amazing confession in financial documents', just the fact (as I understand it) that because very old accounts of the Club (financial year ending April 2004) were filed late the auditors could not sign the "going concern" part, as evidence of this would have to be deduced from current projections the Club was still working on and the Club did not want to wait for these to be done and thus risk filing the old accounts even later. Nor is there anything from the auditors accusing the club of preparing coounts "improperly" - at least I have seen nothing in the document (the audited accounts) which this freelance journalist sent and based this story on.
The article is about late, old accounts of the football club. Says nothing about the current financial state of the football club company and absolutly nothing about the accounts of the Holding Company which is the body which actually keeps the FC co, and the club afloat.
A complete non-story. I am afraid there will be a few who will revel in it as they do in any attack of this sort, but we have more to worry about with injuries for today's game than anything in this story. As usual with all these stories, anyone doubting will see time will tell. (QPR.org Messageboard
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Post by Macmoish on Dec 16, 2010 8:09:15 GMT
Bump.....
And ON The Field seven Years Ago - QPR in Trouble
December 16, 2006
QPR's Fifth Consecutive Loss: QPR 0 Wolves 1 before a crowd of just over 12,000. Wolves goal from Michael Knightly making his debut on loan from Grays (a player QPR clearly missed out on).
QPR's team: Royce, Milanese, Rehman, Mancienne, Bignot, Rowlands, Smith, Gallen, Bircham (Furlong 65), Blackstock, Jones. Subs: Cole, Ward, Baidoo, Bailey. QPR 0 Wolves 1 Match Reports
After the Game: Very Strong Gregory Comments -
"...We're in trouble - serious trouble. "We enjoyed a period of brief respite when we jumped up to mid-table, but make no mistake; we're in big trouble now" (Official Site)
"...Today said a lot about us....After they scored, we showed a lack of quality and our delivery was awful....Some of my players are out of contract at the end of the season...That means six more paydays and then they might be out of work. If that was me, I�d be frightened to death..." (Sunday Times) OR! "Some of the boys who played today have six more pay packets until the end of the season and could be out of work...That would frighten me to death. They should realise they are playing for their livelihood and we need to withhold judgement until the end of the season." (People)
League Table - December 2006
Crystal Palace 23 26 Luton 23 26 QPR 23 24 Barnsley 23 23 Hull 23 20 Leeds 23 20 Southend 23 16
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Post by isleworthranger on Dec 16, 2010 8:48:39 GMT
"We owe it to QPR fans to respond to the allegations made in the Daily Express on Saturday in an article entitled "Are Rangers Going bust?" The article was misleading in many respects and we can assure our many supporters that there is no possibility of QPR going bust whilst we remain on board."
And history shows they were correct
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Post by Macmoish on Dec 16, 2011 7:52:09 GMT
Bump....Five Years ago...
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Post by Macmoish on Dec 16, 2011 8:18:50 GMT
And also in the press that day five years ago
QPR/Sinclair
Scott Sinclair? "Wolves, Birmingham, QPR and Crystal Palace are all battling to sign Chelsea's teenage winger Scott Sinclair on loan in January. (Daily Mirror) BBC Gossip
The Mirror: Birmingham and Wolves to battle to take Scott Sinclair Wolves boss Mick McCarthy faces a battle with promotion rivals Birmingham for Chelsea winger Scott Sinclair. McCarthy wants Sinclair for a loan move in January to strengthen his title challenge. But Brum, QPR and Crystal Palace will also attempt to sign the 19-year-old. Mirror
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Post by Macmoish on Dec 16, 2012 8:47:58 GMT
Bump another year... Six Years Ago: Ah such a time!
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