The Amulya Loan & Ownership of Loftus Road

[Macmoish]

[What we've been discussing on the "Briatore Trepidation" and Ground ownership

Thread qprreport.proboards.com/index.cgi?board=general&action=display&thread=17526&page=2


Posted today on BBC 606
agle help required by MarshBowles10 (U8947541) 01 November 2010

This came in the post from QPR this morning. Can someone out there put it into English that we can understand.I am copy typing this directly from the letter.[/i]

"The directors propose the Resolution in order to obtain members approval to a proposed amendment to the option agreement between the Company and Amulya (the Option) a company in which Flavio Briatore and Amit Bhatia, directors of the company are connected. Such members approval is required persuant to Section 190 of the Companies Act 2006 because the Option is within the wide definition of an acquisition from the company of a 'substantial non-cash asset' by a person connected with a director of the company.

The Company was prepared to repay an existing loan of £10,000,000 to Amulya Property Limited on or before 28th July 2010. Amulya currently has an option over Loftus Road Stadium which became exercisable once the company failed to repay the loan in full by 28th July 2010. The option is exercisable up to and including 29th October 2010. Amuulya is owned by entities in which Flavio Briatore, Amit Bhatia and Marco Rapini are interested.

For the purposes of the most recent statutory accounts the Stadium was valued at £21,250,000 as at 31st May. Should this option be exercised, Amulya will acquire the stadium at the option price of £10,000,000.

The Company and Amulya are currently in discussions regarding the option and Amulya has suggested that the option be extended to 31 January 2011 to give more time for such discussions given the expiry of the option on 28th October in return for Amulya agreeing not to exercise its right under the option"

"I am not clever enough to understand what is going on but it looks to me as if Flavio is still very much involved with various Company names and they have the opportunity to buy the ground for £10,000,000 when it is valued at £21,250,000.

But I might be wrong........anyone out there understand this legal document as it may be incredibly important and something we the fans should know about! "www.bbc.co.uk/dna/606/A76399285

[Macmoish]

This was the July 2008....

2008 Letter to QPR Shareholders:

"The company is required to repay an existing loan of £10M to ABC on or before the 31/7/08. ABC currently has an option over the Loftus Road Stadium which becomes exercisable if the company fails to repay the loan in full by 31/7/08.

The company requires financing in order to repay the loan. The company has sought to secure this financing from various financial institutions, but has been unable to do so owing to conditions and requirements of those institutions. As a result Amulya has agreed to advance a loan of £10m to the company in order to allow the company to repay the loan by 31/7/08 and thereby avoid the possibility of ABC exercising their option and acquiring the title to the stadium.

However as a condition to advancing the loan, Amulya requires the company to enter into the option. The option is on substantially similar terms to the ABC option. It grants Amulya an option to buy the stadium for £10M which is exercisable in the event the company fails to repay Amulya when the loan is due.

The term of the Amulya loan is two years. The rate is 8.50% compared with ABC's 10 %.Amulya Property Limited is a company that both Briatore and Amit Bhatia are connected with and also happens to share its name with a large Indian Property Company."


Wednesday, August 06, 2008

"New Loan Pushes ABC Out of the Picture"-
Ealing Gazette - New loan pushes ABC out of the picture

QPR have averted the prospect of ABC Corporation acquiring their Loftus Road ground, the club have confirmed.

ABC had the option to take ownership of the stadium if a £10m loan they made to the club’s holding company in 2002 was not repaid in full by the end of last month.

A recent letter to shareholders explained that the debt was paid by securing another £10m loan from a different company, Amulya Property Ltd, who now have a similar option to acquire the stadium in two years’ time if they are not repaid.

The interest rate on the new loan is 8.5% and Amulya has links with both Rangers’ co-owner Flavio Briatore and QPR holdings vice-chairman Amit Bhatia, whose father-in-law Lakshmi Mittal bought a 20% stake in the club last year.

The ABC loan has posed a threat to the club’s future for some time and the interest payments of nearly 11% were a major financial burden.

The loan was arranged so Rangers could come out of administration by making a payment to former owner Chris Wright, who was then a major creditor having made a series of directors’ loans during his tenure.

It also left the club with significant working capital which was used to fund the squad that won promotion from the Second Division two years later.

"The ABC loan has been of great concern to QPR fans, and has been a noose around the neck of this football club for far too long," Briatore told QPR’s website.

"I am delighted that we have now made arrangements to put this saga to an end." Ealing Gazette


August 5, 2008 - BBC - QPR complete payment of £10m loan

Queens Park Rangers have repaid the £10m they owed the ABC Corporation.

The loan was taken out in 2002 to assist the west London club in coming out of administration.

QPR Holdings Limited were required to repay £10m to the Panama-registered corporation on or before the 31 July 2008 deadline.

ABC had an option over the club's Loftus Road ground which could be exercised if the debt had not been met in full.

QPR Holdings Limited chairman Flavio Briatore said: "The ABC loan has been of great concern to QPR fans, and has been a noose around the neck of this club for far too long.

"I am delighted that we have now made arrangements to put this saga to an end.

"Building for the future is what is important to me, and the rest of the QPR board. However, with certain issues it is always necessary to deal with elements from the past, and today we have done this.

"This once again highlights our commitment to this football club, and now I am looking forward to working on the continued growth of Queens Park Rangers, both as a club and as a brand."


QPR Official Site - ABC LOAN REPAID IN FULL

Queens Park Rangers Football Club are delighted to announce the full repayment of our £10 million loan from ABC.
The loan was taken out into 2002 in order to assist the Club in coming out of administration.

QPR Holdings Limited was required to repay the existing loan of £10m to ABC Corporation on or before 31 July 2008.

ABC Corporation had an option over the Loftus Road Stadium, which would become exercisable if QPR Holdings Limited failed to repay the loan in full by 31 July 2008.

This loan was repaid in full today. Therefore, the option that ABC Corporation had over the Loftus Road Stadium no longer exists.
QPR Holdings Limited Chairman Flavio Briatore said: "The ABC loan has been of great concern to QPR fans, and has been a noose around the neck of this Football Club for far too long.
"I am delighted that we have now made arrangements to put this saga to an end.

"Building for the future is what is important to me, and the rest of the QPR Board. However, with certain issues it is always necessary to deal with elements from the past, and today we have done this.

"This once again highlights our commitment to this Football Club, and now I am looking forward to working on the continued growth of Queens Park Rangers, both as a Club and as a brand." QPR


July 28, 2008 "Remembering the ABC Loan"
qprreport.blogspot.com/2008/07/remembering-abc-loan.html




qprreport.proboards.com/index.cgi?board=general&action=display&thread=17526&page=2#ixzz14314HOyf

[Hogan]

And who is Marco Rapini?

[Macmoish]

Who is Marco Rapini?

Flashback: April 14, 2008

QPR's AGM - A Report
-
Update: A fairly comprehensive report of the AGM, by fan, Tracy Stent, which was posted on various fan boards - AGM Report

QPR Official Site - AGM - IN BRIEF

Annual General Meeting - Monday 14th April - Loftus Road, W12

In attendance: Alejandro Agag (Managing Director); Gavin Taylor (Chief Financial Officer); Gianni Paladini (Chairman); Ali Russell (Deputy Managing Director); Marco Rapini (Director).
The nine (ordinary) resolutions were as follows:

1. To receive and approve the Company's accounts and reports of the directors and the auditors for the year ending May 31st 2007.

2. To re-elect Flavio Briatore as a director.

3. To re-elect Bruno Michel as a director.

4. To re-elect Alejandro Agag as a director.

5. To re-elect Gavin Taylor as a director.

6. To re-elect Amit Bhatia as a director.

7. To re-elect Marco Rapini as a director.
8. To re-elect Gianni Paladini as a director.

9. To re-appoint Shipleys LLP as auditors.

All nine resolutions were passed.



Thursday, May 15, 2008

Fan Unhappiness With Season Ticket Prices...April's AGM Comments....Club Ecstatic at Sales....and Flashback to 2005 Increases
-
The various QPR messageboards are filled with heated messages about QPR's just-announced 2008-2009 season ticket prices. How representative the posts are - and what impact, if any, fan unappiness will actually have on season ticket sales remains to be seen.



Update: What was reportedly said at the AGM last month (April 14):
QPR 1st's Tracy Stent Report - Posted On QPR Fanzine
"QPR Holdings Ltd AGM ~ Members Bar, Loftus Road ~ 14th April 2008
In attendance: Alejandro Agag, Chairman of the meeting and Managing Director of QPR holdings; Gavin Taylor, chief financial officer; Gianni Paladini, Chairman of QPR FC; Ali Russell, deputy managing director; Marco Rapini, lawyer and Board member.

"The next question was one about season tickets and if there will be a differential between existing and new ones? AA said that no final decision had actually been made and then handed over to Ali Russell who said that a plan has been put together, feedback is awaited, and they have looked at a variety of schemes.
AA assured that the club are not going to go OTT, saying there will be maybe an increase in some/all, and that in the central area it will be a big increase. The rest he said is something that would be reasonable and estimated that the final prices will be known in about two weeks." QPR Fanzine

qprreport.blogspot.com/2008/05/unhappiness-with-qprs-season-ticket.html

qprreport.blogspot.com/2008/04/qprs-agm-report.html

[Hogan]

So the direcotrs of QPR are same as that of Amulya, the same ones who have apparantly defaulted in paying back £10M which they borrowed from themselves (for the club at chargeable interest rates), and the ground may be bought by Mssrs. Briatore, Bhatia and Rapini may now be acquired for the £10M. And if my understanding is correct they have asked themselves to hold off any final decision on this matter until January 2011.

These same people who informed us they didnt come into QPR for the money or the fame as they already have that. Amazing stuff.

[ingham]

Just before Christmas - can't remember whether it was last Christmas or the one before - they circulated to shareholders a few matters they intended to put to the vote on 3 December.

One of things they were keen to do was to authorise conflicts between the directors' own interests and their duty of care to the Club. This gave the very strong impression that they could use their privileged position as the Club's representatives to help themselves to its assets.

I don't recall any discussion of that little teaser at the time - maybe because everyone is just so thrilled to bits, or maybe because nothing surprises us any more - although I did raise it once or twice on this site.

It hardly needs to be said that the Ground was the obvious target of such a manoeuvre even if the Club's money is also disappearing with record speed.

Interesting that the £10 million is still around.

If I am not very far off the mark, it looks very much like the £10 million or so Richard Thompson charged Wright. So that, when Wright went, the £10 million remained, in true football Club style, as the Club's problem, and, lo and behold, not very long after 'Bernie' and 'Flavio' have 'saved' the Ground from the much reviled ABC.

And the notorious £10 million that Paladini thought was so unacceptable even though his regime has now run up losses of four times that much.

With the £10 million still outstanding, it seems.

[cpr]

Marco Rapini
Company: Qpr Holdings Ltd.
Executive title(s): Director

Industry: Recreational Activities
Description: Marco Rapini is Director of Qpr Holdings Ltd..

[Macmoish]

Pretty amazing how we were just discussing over the past couple of days!

It is potentially, deeply troubling. And would be the one thing (or one of the one things!) that you'd think would unite all QPR fans across all the boards - to the degree that they accept/perceive any threat to Loftus Road/Club Ownership

[Hogan]

Thanks for putting the ABC saga to bed Mr B and replacing it with a new noose and a new saga. Now can you please tell us if QPR Holdings is in default, is QPR Holdings still paying interest on the loan and what measures are in place to bring the saga to an end and replace it with a new saga?

[Macmoish]

Nov 1, 2010 17:13:14 GMT Macmoish said:

...And would be the one thing (or one of the one things!) that you'd think would unite all QPR fans across all the boards - to the degree that they accept/perceive any threat to Loftus Road/Club Ownership

Guess I could be wrong about that

[Macmoish]

And a complete copy of the letter has been posted on WATRB by Isleworth Ranger and can be read there
www.wearetherangersboys.com/forum/showthread.php?t=80069

i38.photobucket.com/albums/e122/mrsbeak/SHARES1.jpg

i38.photobucket.com/albums/e122/mrsbeak/SHARES2.jpg

i38.photobucket.com/albums/e122/mrsbeak/SHARES3.jpg

[cpr]

None of this makes any sense to me

[obk]

Nov 1, 2010 16:51:52 GMT Hogan said:

So the direcotrs of QPR are same as that of Amulya, the same ones who have apparantly defaulted in paying back £10M which they borrowed from themselves (for the club at chargeable interest rates), and the ground may be bought by Mssrs. Briatore, Bhatia and Rapini may now be acquired for the £10M. And if my understanding is correct they have asked themselves to hold off any final decision on this matter until January 2011.

These same people who informed us they didnt come into QPR for the money or the fame as they already have that. Amazing stuff.

Maybe they are schizofrenic and have different personalities, could explain a lot of strange things.

[FloridaR]

As Ingham said..sidesteps the conflict of interest.
One would have thought that these people wouldn't need to mess with 10 mill ...taking all the money they have...looks and still smells like an abc con.
Maybe the taxman should do a fraud audit on it from the date of conception all them years ago and see where all the money went......

[zicoshoops]

Correct me if I'm wrong, but............

The capitol amount of the ABC loan was paid off and replaced by a loan of 10 Million which certain Directors of ours raised.
This loan came with an interest rate north of 8%?

Call me old fashioned, but why would there be any need for them to service the loan that they made to themselves?

For all intents and purposes, they Ground has been bought for 10 Million.
Or has it?
If they were a pack of dirty rotten scoundrels, (which I am not suggesting they are of course) then the longer the loan runs the better.
The said Gentlemen could simply pay themselves the interest on the loan each month, without worrying about paying a single penny to service the loan.
After all, why would they...........they've got the Ground anyway.

Now, if I was a dirthy rotten scoundrel, (which of course I'm not) I would do things slightly differently.

I would of course collect the interest due to me each month.......

I wouldn't pay back a single penny in servicing the loan.......

I would default on the loan.Then I would give myself a severe bollocking, and promise to service the loan in future..........

Then I would carry on collecting interest on the loan each month..........

Then I would not pay back a single penny due on the loan.........

Then I would default again............

But this time I would give myself the Mother of all bollockings and promise to do better..........

Then I would carry on collecting the interest each month.........

Eventually I would arrive at a situation whereby I had collected millions upon millions in interest payments, without having paid a single penny out. (apart from the 10 million which I had lent myself of course)

All good things come to an end, so..........
I would confiscate the ground and award it to er, myself.

So I would have made millions in interest.......
I would have got my initial 10 million back........
Which means that I would be the legal and rightful owner of the ground......which would have cost me a couple of million tops.

How much is the ground valued at now?
Exactly.

Then I would issue a statement to the supporters (who obviously don't deserve me) stating that I had saved you.
I would tell you that I had put in untold millions, and that now it was your turn to cough up.

Yeah, that would work, wouldn't it?

As my old mum used to say.........
Rich man, poor man, beggarman, thief.............no matter.
A greedy bastard, is a greedy bastard, is a greedy bastard.

[Macmoish]

Thanks Zico...

Anyone look at what interest rates are these days? I'd imagine you could get a vastly lower rate for that 10 Million+ loan and then lock it in at that low rate for a number of years. And surely, for the good of the club, that's what they'd want to do.

They get the ground. While the husk of the club gets an ever-growing debt. Which must be growing almost exponentially.

It would take someone with a lot more financial savy than me to understand this. (But I'm sure there are QPR fans out there who could do so)

Almost like Roman Bread and circuses: Divert the fan attention/try and siphon fan focus/divide the fans...and then let owners do what they want without attention/

[finney]

Weird thing is only days after Amit talks about the champions league then the QPR board load the gun put in the bullet and aim for it's feet.

I felt weeks ago that something was going on at the club in the board room, i hope i am reading the whole thing wrong but to me at this time it looks like we are about to find out that all the talk about being saved and handing out rewards to Paladini came with a price to pay.

[manta]

So the new company dealing with the ABC loan still retains the option to acquire the stadium at less than 50% of its value. So it seems the same rules apply and deadline remain the same, just with a different company.

The good thing is the loan company have offered to extend the deadline to get the loan paid off by January. So then we have to ask what happens if the loan isn't paid off by then what will the loan company do if they have the right to acquire the ground which could potentially be disastrous.

It's worth pointing out that this issue is not the fault of the current owners and they're having to deal with the problems left behind by the Wright era. Briatore did at least do something about the loan and we do have at least a way of saving the ground and paying off the debt, but that will have to come out of the pocket of the owners own cash.

Although this is still a problem my opinion is had we not had the current owners in place we would not have been able to pay back ABC. We would have lost the ground, we would probably have gone into administration again and then liquidation, the club finished.

[cpr]

Thanks guys, I'm still none the wiser! ;D

[Hoop]

I wish I could share your optimism Manta, however I think this situation is very worrying. I would note that the language is not that they are giving QPR until Jan to pay it back but they are wanting to give themselves until Jan to decide to take the option of snapping LR up for 10 Mil.

If you were a director of Amulya, and not all are on QPR's board, why would you just give back the stadium that you now legally own?

I'll try not to jump the gun but it sounds like a disgusting bit of business where they have set up companies for QPR to be in debt to then just bleed the club dry. Let's face it, based on the track record of our 70% owner, it is very possible.

Let's hope this just looks bad but where there's smoke...

QPR is a brilliant club due to the supporters. Let's hope one of us one day wins Euro Millions so we can run this club the way it deserves!

[ingham]

Interesting point made by manta if successor administrations to Wright's hadn't racked up even bigger losses themselves.

To date, these are as follows:

Blackburn & Co
£10 million loan PLUS £10 million interest over 10 years

Paladini & Co
a further £15 million loss

Briatore & Co
a further £30 million loss NOT INCLUDING LAST SEASON OR THIS!!!

Total losses £55 million
Plus interest
Plus the Ground if they don't keep the payments up.

But the most important point, lost in all the disinformation about so-called 'investment', is that this is not their money.

It is the Club's money they are losing. Just as Abramovich is losing Chelsea's money. Glazer is losing United's money. Fayed is losing Fulham's money.

If this money was money coming FROM investors to the Club, it would be the INVESTORS' loss, not the Club's, and would appear in their private accounts.

QPR would never hear of it.

These people are moneylenders. The Club's losses aren't OWED by them, they are OWNED by them, which is an entirely different thing.

Either in the form of loans. Or in the form of equity. We are now familiar with moneylenders like Abramovich, the Man City boys, and the QPR lot converting loans to equity. But the classic is Manchester United. A club with no debt until its shareholders sold out.

They received £650 million - or whatever the price for their shareholding was - and all of it was dumped on the Club by the purchaser as debt. Glazer gets the blame, but it wasn't Glazer who pocketed the money, it was his predecessors.

Much the same thing happened at Chelsea and Birmingham. Bates bought Chelsea for £1 and took on £1 million of debt. He left Chelsea effectively bankrupt, with £90 million of debt, but pocketed £18 million for himself. At Brum, Gold and Sullivan paid £1, took on £1 million of debt - unless the source has muddled them up with Chelsea LOL! - left them with £20 million of debt while the owners pocketed £80 million.

But the £80 million has been converted into the new 'investor's' equity. And, as the United example shows - and the QPR example in the case of Wright - there is every reason to fear that whatever a moneylender spends acquiring shares will end up charged to the Club.

So the selling point is the real danger time. Where either the Club or the Ground or both will be disposed of. If there is to be a major development in the offing - there are rumours of Chelsea pouncing on the BBC site just down the road from us - there will be shedloads of money swilling around.

But what is notable is that the Clubs rarely if ever see any of it. Even at Arsenal. They redeveloped Highbury, yet, to date, the entire proceeds of site sales have been swallowed up by the Gunners' debt.

[londonranger]

Brilliant piece as usual Ingham . being in debt seems to be the current world order. I am living in a country that is three trillion dollars in debt.

Still, I can see why QPR are trying not to spend too much and using their present players. There is a much too thin margin between spending sprees to go up to the Golden League and accruing too much debt. For this property, buyers, and there are plenty of them, who will take a risk on QPR as long as the debt isnt too exorbitant.

[Zamoraaaah]

I've got a very bad feeling about this.

[qprrobbo]

CPR;

I am with you mate... haven't got a clue who owns what and what it all means to QPR as a club.

Way too complicated for little brain to take in and interpret!

I will just continue to focus on the next game, and enjoy the posts that I can understand!

No offence to any of the other posters on this thread.

[Macmoish]

To repost what posted in December 2009
qprreport.proboards.com/index.cgi?board=general&action=display&thread=8797

From June 2009 - Flavio Briatore's "Chairman's Report" in The QPR Annual Report/Accounts
-
- See: The QPR Accounts
- Excerpts from the 30+ page QPR Annual Report
qprreport.proboards.com/index.cgi?action=display&board=general&thread=4692&page=1

Queens Park Rangers Annual Report - 2008
CHAIRMAN’S REPORT - YEAR ENDED 31 MAY 2008

- On behalf of the Board of Directors, I am delighted to present the annual financial statements and report for the year ended 30 May 2008 with a review of what has been a historic year for Queens Park Rangers Football Club. In November 2007, we saved the club from certain administration and completed the takeover of QPR Holdings Limited, with the clear aim of seeking promotion from the Championship to the Premier League. Shortly afterwards, we were pleased to announce that we had secured a 20% investment from the Mittal family.

We understand the QPR heritage and our role as fans, owners and custodians of the Club. We believe in being courageous in the development of the Club and in taking managed risks. At the same time we remain committed to developing the long-term sustainability of the Club through maintaining a business that pays its own way.

An important part of this development was the launch of a new club crest. The crest was designed to combine elements of the past, present and future of the Club. The new crest features the famous blue and white hoops, which appeared on the Club’s badge before it was redesigned in the early 1980s. The change is to be representative of our aim to re-launch the Club into a global brand.

On the Field
The 2007/08 season unfortunately commenced with the tragic death of rising star Ray Jones. The impact of this had a clear knock-on effect to the team performance at the start of the season, with no wins and 6 losses in the first 9 games. Following this poor start, we decided to part company with the first teamcoach, John Gregory. As an interim measure we appointed Mick Harford as Caretaker Manager before installing Luigi De Canio as first team coach. Luigi managed to guide QPR to 14th place, which represented an improvement on the previous season, when we finished 18th.

Following the end of the season Luigi De Canio departed bymutual consent and we appointed Iain Dowie as first teamcoach. However, after 15 games in charge achieving a points total of 18 and guiding QPR to the 4th round of the Carling Cup, we gave Iain notice to terminate his employment. Gareth Ainsworth took on the role of Caretaker Manager.

Disappointingly, we were knocked out of the first stages of the Carling and FA Cups by Leyton Orient and Chelsea respectively.

Player transfers
The key barometer of our success is the on-pitch performance and thus we intend to pursue a policy of investing surplus cash into team development. In the January 2008 transfer window, we invested heavily in the first team squad bringing in 8 new players – Patrick Agyemang fromPreston, Akos Buzsaky from Plymouth, Matthew Connolly fromArsenal, Hogan EphraimfromWest Ham, Gavin Mahon from Watford, Fitz Hall fromWigan, Rowan Vine from Birminghamand Damien Delaney fromHull.

Although such sweeping changes to the teamwill take a period of adjustment, these additional player signings to the first teamimproved our win ratio from24% pre-January to 38% post January.

During the summer transfer window, we took a prudent and measured approach to player signings by bringing in players through free transfers and loan deals, notably Kaspars Gorkss from Blackpool, Samuel Di Carmine from Fiorentina, Emmanuel Ledesma from Genoa, Daniel Parejo from Real Madrid and Lee Cook from Fulham. In addition, Simon Walton and Chris Barker were sold to Plymouth Argyle and 6 players were released fromtheir contracts.

Finally, five players were sent out on loan – Chris Barker to Plymouth (subsequently transferred), Lee Brown to AFC Hornchurch, Lee Camp to Nottingham Forest, Jake Cole to Oxford United and Zesh Rehman to Blackpool.

Commercial partners
The current financial year witnessed the end of many commercial arrangements including shirt sponsor, Car Giant and kit sponsor, Le Coq Sportif. After the year-end, we were delighted to welcome Gulf Air as our official shirt sponsor on a
two brands that have mutual objectives and desires tomove forward and embrace a global audience. In addition we attracted Lotto Sport Italia as our official kit sponsor on a five-year deal – a partnership that will benefit QPR on and off the pitch.

We also attracted a two-year sponsorship from Abbey, who will become the Club’s financial partner. The partnership will provide the financial group with a bespoke programme including joint branding at Loftus Road, access to players and senior staff and the use of the Club facilities throughout the year. Finally, we announced that leading producer and distributor of watches, Chronotech will be the official time keeper on a one-year deal. Their ethos on quality complements our desire to build an exciting and stylish future for the Club.

These deals will allow QPR tomove towards our objective of ensuring that QPR is financially self-sustaining.

In the close season, we invested heavily on refurbishing key areas of the stadium. We refurbished the VIP boxes, hospitality suites, club superstore, ticket office and seating, as well as improving disabled access and the viewing experience for fans by installing a jumbo screen and scoreboard.

As part of this major transformation, we re-branded our hospitality areas. The C Club is an exclusive club available to only 100 members, allowing members tomix with some of the highest profile business people in the world. The W12 club is a premiummembers club, available to a limited number, providingmatch day
hospitality unrivalled at other clubs.

Catering
We were excited to confirm that renowned international restaurateur Cipriani’s would provide the catering at the Loftus Road stadium for the coming season. The Cipriani empire boasts some of the best restaurants, bars and hotels in theWorld and QPR will be joining this illustrious list, providing our corporate guests with some of the finest food available. Cipriani’s will cater for the C and W12 members clubs, as
well as our VIP boxes.

Prospects
With 39 games played so far in the 2008/09 season, we have accumulated 53 points and sit in 11th place with a win ratio of 33%. In addition, we reached the 4th round of the Carling Cup drawn against Manchester United at Old Trafford.

Off the field, our season ticket sales for the 2008/09 season were extremely encouraging. In fact, we took the decision to cap season ticket numbers at 10,000 before the start of the season. We also launched a new membership scheme
which has gone extremely well and we plan to launch a new quarterly magazine soon.

Our community scheme, which seeks to engage children through themediumof football, has reached over 50,000 individuals in the current year and the target next Season is to reach 100,000. The scheme aims to encourage physical activity whilst also tackling crime and anti-social behavior.

Subsequent to the year-end, the ABC Corporation loan that attracted an interest rate of 11.76%was repaid and refinanced in July 2008 with a loan fromAmulya Property Limited, a company with which Amit Bhatia and I are connected. The interest rate under the Amulya Loan is 8.5%.

The transformation in this Club since we completed the takeover has been immense. The
changes to the Club have been very important and will allow us to ease our transition to the Premier League.

I would like to pay tribute to the shareholders, fans and commercial partners for their continued support and dedication and I look forward to welcoming you to Loftus Road to what I hope will be a successful season

Flavio Briatore - Chairman [pages 6-8 Report]
The QPR Accounts www.qpr.co.uk/staticFiles/19/39/0,,10373~145689,00.pdf

qprreport.blogspot.com/2009/06/flavio-briatores-chairmans-report-in.html

Excerpts/Discussion
qprreport.proboards.com/index.cgi?action=display&board=general&thread=4692&page=1

[londonranger]

Zed, what do you fear? i'm interested.

[The Scooter]

Are Santander still on board? Their pitchside and stadium advertisements seem to have disappeared. Anyone else noticed anything?

[Macmoish]

Interesting.

For the little it's worth, Santander are still listed on the Official Site as one of the "Official Club Partners"

(Bottom page: www.qpr.co.uk/page/Home/0,,10373,00.html

[Zamoraaaah]

Nov 2, 2010 15:45:31 GMT londonranger said:

Zed, what do you fear? i'm interested.

What Zico alluded to.

Piling on the debt to the club and then getting the land/ground by default.

[londonranger]

I understand. thanks. So, if they get the ground, what will they do with it?