PracticeConsultingEnquiries pour in for relegated QPR

Enquiries pour in for relegated QPR

Administrators for Queens Park Rangers have received as many as 30 enquiries from potential buyers for the football club, which was relegated from Division One at the weekend.

BDO Stoy Hayward’s Roy Hocking, appointed administrator at Loftus Road plc three weeks ago, told the FT enquiries were coming in at a rate of one or two per day, but would not disclose the identity of any of the interested parties.

He said there was a lot of UK interest in the club, but added enquiries had also come in from as far afield as Europe, America and Africa.

Chris Wright, the former chairman of Loftus Road, has already negotiated the purchase of Wasps rugby union club from the administrators.

He is believed to have offered Pounds 5m in a deal, which would include the QPR training group. Wright said his offer would reduce QPR’s debts making it a more attractive investment opportunity.

Growing interest in the club comes despite QPR being relegated from the First Division at the weekend following defeat by Huddersfield Town. Dropping down a division could cut income by as much as Pounds 2m through lost television revenue and smaller crowds.

However, Robert Smaeles, a director at BDO Stoy Hayward, claimed the club’s relegation to the Second Division would have little effect on the asking price for the club, as it would not effect ‘property values’.

He went on to tell AccountancyAge.com he was confident a buyer for QPR would be found soon, adding the top priority was to look more closely at the various enquiries made for the club, and to ‘firm up the interest’ in the club.

Smaeles would not comment on the type of companies showing interest in QPR, only to say that there was interest from a wide range of backgrounds.

In an earlier discussion with AccountancyAge.com, Hocking said there was no panic in looking for a buyer for QPR – despite the club being threatened by relegation.

‘We want to do it properly and we are looking at long-term survival here, not a quick fix,’ he said at the time.

But Wright has said his financial support for the group will only continue until the end of October this year.

Links

BDO to rescue QPR from madhouse

QPR website

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