BDO pulls QPR out of administration
In the first good news for ailing Nationwide Football League Clubs, administrators at BDO Stoy Hayward have found a way to refinance Queen's Park Rangers FC and guarantee the survival of the club.
Administrators Ray Hocking and Simon James Michaels were today able to complete the refinancing of QPR and its owner Loftus Rd. Next week, they will apply to the High Court for the release of both Loftus and QPR from administration.
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
The playing staff have been reduced and they have agreed to receive ‘more realistic’ wages. The company also sold Peter Crouch to Premier League club Aston Villa, for a fee of £2m.
QPR, which went into administration in April 2001, is also benefitting from sharing the Loftus Rd grounds with Fulham FC while the premier Leauge club refurbishes its grounds.
Hocking said:’This is an excellent outcome and is welcome news at a time when a lot of clubs are experiencing financial difficulties and considering entering administration or liquidation.’