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| Thursday
17th May 2001 |
After careful consideration, and following correspondence between
QPR 1st and Chris Wright, in which we have sought to get an agreement
that the sale of Wasps and the Twyford Avenue training ground should
include a 'buy-back' option for any new owner of Loftus Road plc,
we intend to use our proxy to vote AGAINST the resolution at tomorrow's
EGM. We urge other shareholders attending to follow suit. Consideration
was also given to abstaining, but that option was rejected in favour
of voting against the resolution.
QPR 1st therefore make the following statement:
"QPR1st will be using its voting power at the EGM held at Loftus Road
on Friday 18 May 2001 to vote against the resolution to sell Wasps
Rugby Union Club and the Twyford Avenue training ground to Chris Wright
and any partner. We consider that not enough time has been allowed
between the administration order and the proposed sale in order for
other interested parties to submit a bid.
We also consider that the proposed sale has not taken into consideration
the full effects it will have on the long-term future of Queens Park
Rangers and the Loftus Road stadium. Concern is raised in particular
on the effect of the sale for any potential purchaser of Loftus Road
plc, making the whole package potentially less attractive and therefore
reducing interest.
It is our understanding, although we are actively seeking confirmation
of this, that the sale would leave Queens Park Rangers with only 5-6
years guaranteed tenure at the Twyford Avenue site, and thus the long-term
uncertainty that this creates cannot be supported by QPR 1st.
QPR 1st fully supports the principle of raising finance to safeguard
the future of Queens Park Rangers Football Club, although in the absence
of an unequivocal and binding undertaking that the sale can be reversed
at the same price within an agreed period, as stated above, QPR1st
has decided to vote against the resolution."
QPR 1st representatives have made contact with Wasps fans and have
either spoken already or are waiting to speak to them regarding the
proposed sale. We also have a planned meeting this evening with the
Wasps Trustees. Early indications are that Wasps fans and trustees
will vote FOR the deal. There appears to be concerns amongst the Wasps
community that the City consortium widely reported as leading bidders
for Loftus Road plc appear only to be interested in QPR, and Chris
Wright has their support for that reason alone. More on this to follow.
QPR 1st representatives have been in talks with CARA, the local residents
association at Twyford Avenue. There are several issues of concern
surrounding the present use and proposed sale of the training ground.
We are presently addressing these as vigorously as possible, and will
report as soon as clarification has been obtained.
On a lighter note, the wording of the cross-party letter (see yesterday),
signed by the three leading prospective parliamentary candidates in
QPR's constituency, was cleared by lawyers this morning. The lawyer
who rang to give us the nod, Rebecca Taylor, said she was happy with
it from a legal perspective - and added from a personal one, too.
"Good luck with it," she said. "And I really do mean 'good luck' -
I'm a Wimbledon fan..."
The letter, giving support to QPR 1st and for greater fan in-put into
the running of the club, will be signed shortly. We are also in talks
with the Mayor and the local council and looking at a variety of ways
in which we can strengthen the links between QPR and the local community.
Initial areas to work in, under partnership, include public relations,
planning and regeneration.
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