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November
25th
QPR1st
15 Nov meeting with QPR board
Meeting
at 11.30 Saturday 15 November 2003 in the Chairman's suite at
Loftus Road
Present:
* From QPR1st: Justin Pieris, Andrew Goss, Peter Gridneff and
David Anderson,
with Roger de Freitas as minute taker.
* From QPR: Bill Power, Kevin McGrath, Nick Blackburn, David Davies,
Samantha Taylor.
Apologies: Ross Jones (abroad).
Rules
of engagement: It was agreed at the outset that matters relating
to finances could not be discussed. This was because there were
sensitivities around negotiations in progress with an interested
party. It was agreed that David Davies would have approval of
minutes before they were released.
This
caused some frustration amongst the Trust representatives as it
had been our intention to focus on finances, but also an agreement
that we were prepared to wait two weeks for the sake of the club.
It also led to an encounter full of discussion and observations
and sometimes light on straight question and answers. The questions
went in both directions, with answers coming from all sides of
the table.
1.
The back investors.
*David
Davies (DD) has been dealing directly with David Thorne's bankers,
whilst the discussions had been encouraging; so far there has
been no sign of money. The potential of a bigger deal and its
impact on him had been given as reason, along with a number of
other difficulties, for non-completetion.
*Haleem
Kherallah has been talking since the summer of 2001, in part encouraged
by the board. However, lately he has introduced preconditions
some involving a third parties that could not be met by the board
within the timescale he required. The Board pointed out that it
had made an open offer to HK to join the board on terms he felt
comfortable with, and are still awaiting his response.
*JR
Ivan has recently re-surfaced and his deal is yet to be tabled.
However the club is assured it will be structured differently
to his last one.
The
board were not confident that any of the above would definitely
complete first, although there was hope that some of the parties
would come in on the back of completion by the un-named party.
The board confirmed that the un-named party was brought to the
board by Paul Garland.
*Peter
Ridsdale wanted 51 per cent of the shareholding. This was presented
in a perfectly professional manner. This proposal would have involved
a seven-figure investment. He outlined the deal with DD, which
involved DD leaving the club. The outline was agreed and PR met
the two chairs on the morning of the Oldham play off game. However,
no formal offer was ever received.
It is acknowledged PR had maintained interests in a number of
clubs the board was genuinely surprised when PR surfaced as owner
of Barnsley a few days later, as the Board was still waiting for
his formal offer.
2.
There was a discussion around why investors always seem to fall
at the last hurdle? DD said the general picture is good as losses
are being reduced. Players' costs have been reduced, and there
are real savings on the youth scheme. DD believes investors are
not put off by the ABC loan itself. The main stumbling block is
3 below.
3. The sticking problem said DD, is not the loan, but the plc.
There is a real problem simply of being a plc and a rule 9 bid.
The people who would want to put in a seven-figure sum want control.
Getting control would mean buying Chris Wright's (CW) shares.
Buying CW's shares would see money going out of the club and seen
as dead money.
4.
The cost to change the company's status was not negligible, and
certainly not possible within the current financial climate. Much
discussion over the actual cost involved, £10-50k, and agreement
that the board would listen to offers of help from supporters
who could donate their professional skills to bring the cost down.
5.
Discussion around the 'fit and proper person' criteria. The board
believed it was hard to see how the football league could draft
an effective test that would identify sound long-term interests,
as well as keeping out the men of straw. The current suitors would
certainly, by any objective standard, meet any proposed criteria.
6.
The Trust enquired whether the potential investors provided a
proposed business plan as part of any offer. They enquired whether
different investors/owners have distinctive plans? Potential investors
have all seen the cash flow and accounts. Was there a vision that
took them to their bankers? The meeting recognised football was
not a normal business.
NB emphasised that each director and owner had to learn the business
of their club afresh. That takes time. A business plan would then
have to be very flexible, and of course it is driven by what happens
on the field, so any busines plan requires some 'what if' scenarios.
7.
What is the extent of the financial crisis? How long have we got?
DD described a stressful hand to mouth existence. Directors would
if necessary put their hands in their own pockets to see the season
out. Fans are frightened, but some of the board don't see it in
quite the same way.
8.
Discussion followed on the implementation of CVA and was this
desirable and could it be achieved. DD outlined the inconsistency
that has occurred in these arrangements since Leicester City FC.
Leicester's was only achieved after Keith Vaz; the local MP went
into bat for it, insisting it would severely damage the local
community. The CVA's that had followed had not followed a consistent
pattern of settlement, these ranged from 100p in the pound, in
the case of Bradford, to 40p in the pound, in the case of Port
Vale.
Any
CVA at QPR would involve many local trade creditors, which may
not be in the long-term local interest. A CVA was not on the agenda.
DD/NB
view that any point's deduction for a CVA would be challenged
legally. A CVA is a perfectly legal way of sorting out a business
problem, and if the FL deducts points then it is kicking a club
when it is down. The FL's job is to keep clubs going.
9.
Groundshare. DD stated the priority was to clarify FFC and Wasps
positions for next season.
10.
Wasps ground share decision in the spring. They may decide to
buy out the option to return to Loftus Road, as Adams Park seems
to suit the size of their support.
11.
FFC waiting for planning approval for the changes at Craven Cottage.
FFC still interested in alternative sites, even if FFC supporters
aren't.QPR1st reported that local political support had been detected
for a new stadium north of White City station. NB/DD - ground
share not a problem if the stadium is to be jointly branded. QPR1st
reported that its survey showed supporters not keen on permanent
ground share.
12.
Discussion of the problems of raising money from supporters. Agreement
that even amongst some of the most well-informed people in the
crowd there's little perception of a crisis - they just don't
see a problem off the field.
13.
The club needs to generate further income now. Sam Taylor (ST)
described new lottery to support youth development paid by monthly
standing order. Prizes will be affinity awards, going on the team
bus, sitting near the directors etc. First draw 3 Jan. One thousand
tickets would raise £40-50k.
14.
QPR1st welcomed this venture, but worried that this might create
more problems for the Hoops fund. NB raised the possibility of
creating a special scheme that would bring the wealthier supporters
into the Hoops Fund. JP reported a strong response to the questionnaire
invitation to pay an extra amount on the ticket price in order
to avoid having to ground share. People were prepared to pay more
on a voluntary basis for a real benefit.
15.
This meeting had been the first between the two parties for 6
months and the QPR1st team asked for a return to regular meetings.
The board were amenable once every two months, and reflected that
it had been a much more constructive session than they feared.
Both parties reflected that they hoped it marked the beginning
of a new era of working in partnership for the good of the club
and the supporters.
The
meeting closed at 13.10 with the heralded arrival of Michael Foot
and the Plymouth Argyle directors
November
17th
QPR
1st meeting with QPR board of directors
Members
of QPR 1st's Committee attended a meeting with QPR's board before
Saturday's game with Plymouth.
A
full report will appear shortly, but here are a few of the main
points raised during the meeting.
Responding
to QPR 1st's questions about the current financial
state of the club, the board stated that they were currently unable
to discuss any specifics at present. This is because they are
in the middle of delicate negotiations' with an interested party.
These discussions are expected to be completed within the next
two weeks, after which the board stated that they will be in a
position to talk more openly. The board are genuinely hopeful
that they have found someone who is serious about investing in
the club.
Assurances
were given to QPR1st that if the financial situation got particularly
bad before investment could be confirmed, the current board would
dig into their own pockets if necessary to keep the club going
for this season.
A
discussion took place about ways to improve the financial
situation at the club and what was the root cause of so many
potential investors failing to complete. Schemes such as the club
lottery and the Hoops Fund were discussed and ideas for how to
develop these were put forward.
David
Davies also reported that an agreement had been reached with Vic
Gibbons over the awarded legal costs that both parties had accepted,
Vic will be working with the club on initiatives such as the forthcoming
lottery.
November 6th
Message from David Thorne
This is a matter of some urgency.
I have just been made aware of an article from the Hammersmith
Times by Dave Evans. I have had no contact from Mr Evans, though
I did email him my contact details earlier this evening, as David
Davies forwarded me an email from Mr Evans requesting if he could
interview me.
The statements contained in the article are misrepresentative
and alarmist. As you will all realise, I am in continual dialogue
with the club, four times with the last business day, and the
fact that I am writing this at 1.30 AM in the morning is indicative
of the seriousness with which I view the matter.
You will also be aware that I did not fail to turn up to the club
but have delayed my visit pending clarification of a number of
items prior to my visit. This was communicated both to the club
and yourselves. To come over prior to this would not have achieved
a conclusion to our discussions. In fact to help put matters into
perspective, Kevin Keegan was my boyhood idol and to miss the
chance to possibly meet him and see Manchester City play was a
great disappointment. However that is not a reason to fly to London.
It is my intention that when I come over, that our arrangements
can be finally concluded and that I can contribute to a long and
ongoing relationship with the club.
Without putting a specific time frame on things and undue pressure
on either party, I was in discussion with David Davies earlier
today, and hope that matters with be resolved in the very near
future.
As I am unaware of whether the Hammersmith Times is a free paper
or whether you have to pay for it, but such sensational writing
does nothing for the moral or confidence of the club, for the
fans, the business community nor the general population of White
City.
Finally, I would like to point out that David Davies has done
his utmost to bring matters to a conclusion, and that the reasons
for the delay have been beyond both parties control. When concluded,
the club and the fans should be very pleased with what has been
achieved. As you know I am available to you and look forward to
meeting with each of you when I finally do get to London, and
I thank you for your patience. I would appreciate if you could
post this email to help allay the concerns of your respective
members.
Regards, and all the best for a favourable result this weekend
David Thorne
David Thorne cancelled his recent proposed trip
to the UK. He has informed the Trust that he is "waiting
for the club to sort something out" before he comes over
and will keep us informed.
November 4th
T&L Stent resign from QPR 1st Committee
The Committee of QPR 1st would like to express
our great sadness on the resignation of two founder members
of the Trust from the Committee. We would also like to thank
them for devoting literally nearly all their spare time and
some not so spare time to Trust activities. It is completely
fair to say that without them this Trust may not have been born
in the first place. The nine remaining Committee members will
cover their responsibilities until we can recruit some new co-optees.
Below, Tracy and Leon give a parting message:
A message to all QPR Supporters
It is with much sadness, that after two and half years of being
active committee members on the QPR 1st management board, I
am announcing the resignations of Leon and myself from our positions
of Secretary and Membership Secretary for QPR 1st Supporters
Trust.
There are a number of reasons - including disillusionment with
the current Board of QPR directors, which in itself has made
our commitments to the Trust very hard to implement due to the
said disillusionment, as well as other personal commitments
- that has led to us taking this decision, which has not been
taken lightly with many, many hours of thought and deliberation
having taken place.
On a personal note, with myself being an independent person
I have felt that my own 'activist' tendencies have not helped
the Trust Management Board in its longterm aim in achieving
a relationship with the Board of QPR, and therefore feel that
for the best of all concerned, I am better off on the outside
so to speak.
I will still be an active member of the Trust and I have already
informed my ex colleagues that should they need any help in
the future, whether it be with writing a letter, asking questions,
or even if they ever need someone to chain him/herself to the
gates of Loftus Road, I will always be available.
There are also a number of loose ends to tie up and Leon has
agreed for the time being to finish off updating the data for
the latest Trust Shares Register list, and to update the member's
database with details for any new members until a replacement
is found.
I would like to conclude by saying that the last two and a half
years have proved to be the biggest learning exercise of my
entire life and I feel extremely honoured to have worked with
such a variety of committed Queens Park Rangers supporters,
both past and present committee.
I sincerely hope that Trust members do not feel Leon and myself
are letting them down too much - and who knows, maybe in the
future we/one of us may well wish to re-enter the restrictive
but oh so wonderful world of committee!) - and I would like
to thank all members, past, present and original registrants,
for the support and help you have given the Trust. Please continue
to give QPR 1st Supporters Trust your support because trust
me when I say the Trust will be needed very much in the future.
Come on U Rrrrrrssssssss
Tracy
October 2003 News
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