The Hoops Fund

QPR Needs You

Our loyal fan-base has provided phenomenal support to QPR, never more so perhaps than through the uncertainty of last season. With promotion almost within our grasp, the current campaign could herald the bright new future we all hoped for. However, the club needs our help again.

QPR is at a crossroads. The £10m loan that brought the club out of administration has been spent, and it is building up debts again. Clearly no-one associated with the club, least of all the fans, wants to return to the situation we were in last season. We can still stop that happening but action needs to be taken now.

A significant financial injection is required. In the current climate, it is difficult to see from where else this will come except the fans. There is little that most of us can do as individuals but together we can make a huge difference.

QPR 1st Supporters Trust is today launching the Hoops Fund. This scheme will enable fans to contribute towards a much-needed financial injection, in return for a stake in the club.

If every QPR fan at today's game was to donate £2.50 - just the price of a pint - we could raise more than £30,000. And with another possible play-off home game to go, we could top £50,000 by the end of the season.

That sort of money would make a big difference to the club's finances. It could also make a big difference to the say that you, the loyal fans, have in the running of QPR. It gives us the opportunity of a permanent stake in the club - and in its future.
QPR fans this season have been phenomenal - supporting the team in huge numbers, both home and away. We need to go the extra mile now by contributing to the Hoops Fund.

Your club needs you

Please give to the Hoops Fund today

What is the Hoops Fund?

The Hoops Fund is a fund-raising venture on a scale that has never been seen before at Queens Park Rangers. It will enable fans to join together and help ensure the future of the club.
By raising money together, we can invest in QPR and give supporters more say in running the club. If we can achieve our initial target of £100,000 within a reasonable timescale, who knows how much we could raise in the future? We would like to think that £500,000 is not beyond our reach.

How does it work?

We intend to use the money to buy shares in the club, which the Loftus Road plc board has confirmed are available.

QPR 1st will hold the shares on behalf of the fans. However, we will not be a passive shareholder. We will use our stake to monitor the financial status of the club and influence future decisions.

How much will it cost?

Up to you. Don't forget, for the price of a pint every week, an individual can raise £130 a year. All we need is 1,000 people chipping in this small amount each week to make £100,000. We can't stress enough that any donation, however small, will be greatly appreciated.

Where will the money go?

By building a positive and constructive relationship with the board, we will be able to ensure the money is used for the benefit of the club. Ideally, it would be used to fund such initiatives as youth development, community projects and ground improvements.

What difference will it make?

That depends on how much we raise. Potentially it could be the difference between keeping our ground or not; having a youth scheme or not; and, if promoted, staying up or not.

What will I get for my money?

The Hoops Fund is a joint venture for all fans, and is therefore not intended to provide personal benefits. Nevertheless, if we can make a success of it, we all reap the rewards. We can prevent QPR from going back into administration, help the club return to success, and take a permanent stake in the club.

Donors who supply their names and addresses will be informed of major developments and receive regular updates on progress.

What exactly is the club's financial situation?

Accounts filed recently by the club show that in the 12 months to May 2001, Loftus Road plc made trading losses before player registrations of nearly £8m. In the year to May 2002 this loss was over £3.5m, even after a major cost-cutting exercise.

The following paragraph is taken from the club accounts (for the period up to May 2002).

"Following the review of the Group's budget for the current year and projections for the subsequent year (i.e. year to May 2004), the Directors have formed a judgement that the Group does not have sufficient resources to continue operating in the foreseeable future without raising additional working capital"

To come out of administration, the club effectively mortgaged the Loftus Road ground to borrow £10m. At the moment, no capital is being repaid, but interest of £1m a year is currently being charged on a monthly basis. Any default on interest or capital payments could well result in the ground being taken from us.

How did QPR get in this mess?

Many of the club's problems date back years, and to a large extent were inherited by the current board. However, QPR has suffered a number of financial setbacks in the past season, which we already knew would be a tough year.

The collapse of ITV Digital cost the club £250,000 in lost revenue from TV rights. Our early exit from the FA Cup is estimated to have cost another £200,000, and we could soon lose a further £250,000 from the current website deal. That is a total of £700,000 the club had budgeted for the year.

Can I trust the board to spend my money wisely?

We cannot guarantee future good business practice by a QPR board. However, we have been assured that it is the intention of the board to stem future losses one way or another. We will clearly need to be assured that every good effort has been made by the board to stem losses before we agree to hand-over the supporters' hard-earned money.

How do I contribute?

By putting your loose change into collecting buckets around the ground; by cheque donations made payable to "The Hoops Fund" and sent back to the Supporters Trust PO Box address

QPR 1st
PO Box 30880
London
W12

By bank standing order mandate - Download form

or by online credit and debit card donations - Details

Endorsements

The following have already indicated their support and, in some cases, have already shown their willingness to donate to the scheme:
" QPR FC
" The Winton Family - the fans who financed the acquisition of Doudou and Danny Shittu
" Clive Soley MP for Shepherds Bush, Ealing & Acton
" Simon Barker - who is now on the PFA Committee
" Ian Holloway

What say will the fans have in how the money is spent?

QPR 1st Supporters Trust is registered under the Friendly and Industrial and Provident Societies Act 1968, and the committee will act as custodians of the fund. A bank account will be used solely for the monies raised for the Hoops Fund, and we will look to set up an overseeing body to help in an advisory capacity. This body will comprise individuals from the general fan-base, democratically-elected supporter groups, fanzines, the Winton family & an ex-QPR player.

If you have any questions about the Hoops Fund please email hoopsfund@qpr1st.co.uk