BusinessCompany NewsQPR officially out of administration

QPR officially out of administration

The Chancery High Court has released struggling London football club Queens Park Rangers from administration - a move which may give hope to other clubs whose futures are under threat.

The Court yesterday released the club from administrators BDO Stoy Hayward, and in an official document, the High Court ordered that ‘the Administration Order dated 2 April 2001 be discharged.

This followed an application made by BDO administrators Ray Hocking and Simon James Michaels for the club’s release after they succeeded in refinancing the club.

Hocking said the turnaround at QPR would give other clubs hope, but added that clubs paid players too much – and not the ITV digital crisis – which was the ‘root cause’ for problems other clubs found themselves in.

The refinancing came after Chris Wright, the former chairman of Loftus agreed to take a substantial write-off on his loans and handed a large part of his shareholding back to the company. In addition players were sold to cut costs.

Loftus Road financial controller Paul English, who attended the hearing alongside the club’s chief executive David Davies, said it was a day of celebration for the fans after a ‘rollercoaster ride’.

QPR went into administration in April 2001.

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