Post by QPR Report on May 27, 2009 7:04:19 GMT
[Edit/Bump another year]
(Until we found about the ABC Loan! )
Goodbye Administration. Welcome ABC Loan!
- [Edit] 20 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 shiteeeeeeeeeeeeeeeeetu.
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
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
QPR1st
OUT OF ADMINISTRATION
Posted on May 28, 2002 by QPR1st
April 2nd 2001. QPR enter administrative receivership.
May 27th 2002. The administrative order is lifted at the High Court and as Juzza said to me yesterday afternoon “Well, we’ve been to some places this year haven’t we Trace?”
Strange, because at just before 10.30am that morning, whilst waiting for Juzza and Jon’s arrivals outside the High Court along the Strand in Central London, and watching the attendance of the groups of camera crews representing the various media parties, I had thought the same thing, indeed had been having a little muse about this past year and some of the events outlined below.
From the original Notting Hill Gate Pub gathering.
To meetings with prospective bidders/buyers at various hotels/pubs/restaurants etc.
To appointments with the local Borough reps at the Council chambers, to a visit to the Houses of Parliament to meet with Clive Soley MP (my own personal favourite memory from this past year).
Public Meetings and the protest before the Swindon game.
Attending various Conferences.
Meetings with the ex owner and the QPR management, many of which included a variety of aspects ranging from arguments and fall outs, to mutual respect and amiability.
Juzza and Jon’s arrivals signalled the end of my melancholy thoughts and we went off in search of the court where our case would be heard. As it had been a late application it wasn’t listed in the main book and after making enquiries the chap on reception directed us on whereabouts to go. We waited around outside for only a short time before David Davies arrived along with a group of people whom we assumed to be Chris Wright’s fleet of legal advisers. No sign of Chris Wright himself or of Ray Hocking.
After a short period David explained to us that we would be unable to attend the court hearing itself, due to the process being one of a ‘closed camera’, just as it was when we entered into administration. He did inform us though that we would be permitted to look at the lifting of the order document afterwards. Assuming all went well!
So, at 11.35am, after good luck handshakes from all, David Davies, along with the team of legal advisers, entered Court number 37. Rather than hang around outside the room, though we did attempt to sneak looks into the Court, we had a little walk around the courtyard before settling downstairs to rest our legs, during which all the time only one subject passed our lips! Before long we decided to go back upstairs to wait outside the court. We didn’t have to wait long for at 12.10pm David and Co appeared through the doors of the court, he came straight over to us and informed us that all had gone well, the explanations had been made regarding the application for the order to be lifted of which the judge had permitted.
****We were out of administration****
Smiles and handshakes abound and then David explained to us that he was just awaiting the official document which he would show us as soon as he received it from the Court officials. Another short wait ensued, more QPR talk (what else?!) before David approached us with the signed documents proving that the court had consented to the lifting of the administrative order of both Loftus Road plc and QPR FC.
He then had to dash off to go and speak with the various media/press parties waiting outside. We also made our way outside and it seemed fitting that in a period of a few days which has seen plenty of rain, yesterday afternoon we stepped out into beautiful sunshine. Almost as if the sun had been waiting to shine for us. With Jon having to attend another appointment, Juzza and I decided a drink was the order of the day, and whilst tempted to go and stand behind David pulling faces at the cameras, we decided against this impulse and entered the pub opposite the court instead.
We are obviously seeking a meeting with the board asap because clarification is needed on a variety of matters including the terms, repayments and source of the loan. As well as the little matter of clarification regarding £2.5 million on sundry items according to the latest administrators accounts! Just as we eagerly await the AGM that has to be called for shareholders in order to enable the shareholders their chance of asking for the relevant facts regarding the loan and the amount of monies left for funding after all creditors have been repaid.
And we’re also under no illusion of the amount of hard work that is going to be needed by both fans and club alike in the coming months.
However yesterday, after a year of trials and tribulations, was a day to enjoy and remember the good things about QPR. For it was a day when the sun shone on QPR.
Tracy Stent
www.qpr1st.com/news/out-of-administration/
Other From QPR1st at that time
May 23, 2002 QPR 1st seek clarification on Companies House submissions
www.qpr1st.com/news/qpr-1st-seek-clarification-on-companies-house-submissions/
May 19
QPR Re-finance completed
www.qpr1st.com/news/qpr-re-finance-completed/
May 10 - QPR1st Seek Reassurances
www.qpr1st.com/news/qpr1st-seeks-reassurrances/
Read more: qprreport.proboards.com/thread/3962/years-ago-today-exit-administration#ixzz5GhXFd0Tr
See also- Various stories compilation of Entering and Exit-ing Administration..Blackburn/Davies/Jones Taking Over...and ABC Loan
www.qprreport.blogspot.com/2012/05/qpr-report-sunday-qpr-exit.html
Going INTO Administration - and various Buy QPR/Invest in QPR efforts
www.qprreport.blogspot.com/2007/04/almost-five-years-since-qprs-abc-loan.html
Wednesday, July 05, 2006
QPR's Ongoing 10% per-annum ABC Loan & QPR's Efforts to Deal with it
www.qprreport.blogspot.com/2006/07/qprs-ongoing-10-per-annum-abc-loan.html
The Old Site "Boardroom Blues"
www.boardroomblues.co.uk/
(Until we found about the ABC Loan! )
Goodbye Administration. Welcome ABC Loan!
- [Edit] 20 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 shiteeeeeeeeeeeeeeeeetu.
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
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
QPR1st
OUT OF ADMINISTRATION
Posted on May 28, 2002 by QPR1st
April 2nd 2001. QPR enter administrative receivership.
May 27th 2002. The administrative order is lifted at the High Court and as Juzza said to me yesterday afternoon “Well, we’ve been to some places this year haven’t we Trace?”
Strange, because at just before 10.30am that morning, whilst waiting for Juzza and Jon’s arrivals outside the High Court along the Strand in Central London, and watching the attendance of the groups of camera crews representing the various media parties, I had thought the same thing, indeed had been having a little muse about this past year and some of the events outlined below.
From the original Notting Hill Gate Pub gathering.
To meetings with prospective bidders/buyers at various hotels/pubs/restaurants etc.
To appointments with the local Borough reps at the Council chambers, to a visit to the Houses of Parliament to meet with Clive Soley MP (my own personal favourite memory from this past year).
Public Meetings and the protest before the Swindon game.
Attending various Conferences.
Meetings with the ex owner and the QPR management, many of which included a variety of aspects ranging from arguments and fall outs, to mutual respect and amiability.
Juzza and Jon’s arrivals signalled the end of my melancholy thoughts and we went off in search of the court where our case would be heard. As it had been a late application it wasn’t listed in the main book and after making enquiries the chap on reception directed us on whereabouts to go. We waited around outside for only a short time before David Davies arrived along with a group of people whom we assumed to be Chris Wright’s fleet of legal advisers. No sign of Chris Wright himself or of Ray Hocking.
After a short period David explained to us that we would be unable to attend the court hearing itself, due to the process being one of a ‘closed camera’, just as it was when we entered into administration. He did inform us though that we would be permitted to look at the lifting of the order document afterwards. Assuming all went well!
So, at 11.35am, after good luck handshakes from all, David Davies, along with the team of legal advisers, entered Court number 37. Rather than hang around outside the room, though we did attempt to sneak looks into the Court, we had a little walk around the courtyard before settling downstairs to rest our legs, during which all the time only one subject passed our lips! Before long we decided to go back upstairs to wait outside the court. We didn’t have to wait long for at 12.10pm David and Co appeared through the doors of the court, he came straight over to us and informed us that all had gone well, the explanations had been made regarding the application for the order to be lifted of which the judge had permitted.
****We were out of administration****
Smiles and handshakes abound and then David explained to us that he was just awaiting the official document which he would show us as soon as he received it from the Court officials. Another short wait ensued, more QPR talk (what else?!) before David approached us with the signed documents proving that the court had consented to the lifting of the administrative order of both Loftus Road plc and QPR FC.
He then had to dash off to go and speak with the various media/press parties waiting outside. We also made our way outside and it seemed fitting that in a period of a few days which has seen plenty of rain, yesterday afternoon we stepped out into beautiful sunshine. Almost as if the sun had been waiting to shine for us. With Jon having to attend another appointment, Juzza and I decided a drink was the order of the day, and whilst tempted to go and stand behind David pulling faces at the cameras, we decided against this impulse and entered the pub opposite the court instead.
We are obviously seeking a meeting with the board asap because clarification is needed on a variety of matters including the terms, repayments and source of the loan. As well as the little matter of clarification regarding £2.5 million on sundry items according to the latest administrators accounts! Just as we eagerly await the AGM that has to be called for shareholders in order to enable the shareholders their chance of asking for the relevant facts regarding the loan and the amount of monies left for funding after all creditors have been repaid.
And we’re also under no illusion of the amount of hard work that is going to be needed by both fans and club alike in the coming months.
However yesterday, after a year of trials and tribulations, was a day to enjoy and remember the good things about QPR. For it was a day when the sun shone on QPR.
Tracy Stent
www.qpr1st.com/news/out-of-administration/
Other From QPR1st at that time
May 23, 2002 QPR 1st seek clarification on Companies House submissions
www.qpr1st.com/news/qpr-1st-seek-clarification-on-companies-house-submissions/
May 19
QPR Re-finance completed
www.qpr1st.com/news/qpr-re-finance-completed/
May 10 - QPR1st Seek Reassurances
www.qpr1st.com/news/qpr1st-seeks-reassurrances/
Read more: qprreport.proboards.com/thread/3962/years-ago-today-exit-administration#ixzz5GhXFd0Tr
See also- Various stories compilation of Entering and Exit-ing Administration..Blackburn/Davies/Jones Taking Over...and ABC Loan
www.qprreport.blogspot.com/2012/05/qpr-report-sunday-qpr-exit.html
Going INTO Administration - and various Buy QPR/Invest in QPR efforts
www.qprreport.blogspot.com/2007/04/almost-five-years-since-qprs-abc-loan.html
Wednesday, July 05, 2006
QPR's Ongoing 10% per-annum ABC Loan & QPR's Efforts to Deal with it
www.qprreport.blogspot.com/2006/07/qprs-ongoing-10-per-annum-abc-loan.html
The Old Site "Boardroom Blues"
www.boardroomblues.co.uk/