Queens Park Rangers get cash injection

The Football League Championship club which went into administration with debts of £10m and instead of coming out with no debts, came out with a long-term loan to a Panama-based company on which the club pay incredible 10 per cent interest. Audited accounts for the year to May 2003 have some information on the latest cash crisis in the club, mentioning that if new money is not made available the club would have to be wound up. The accounts for the season just gone are expected to be much worse. In a series of dramatic recent developments, the chairman, chief executive, and one other director have resigned and the rescue is seems to be from unnamed Italian and French investors who are putting in money through a Monaco-based company to make sure the club will survive. The investment of £ 1.8 will give the new partners 29.9% of the ownership, and since they are buying new shares, it will mean that the total investment will be poured directly into the club’s accounts. Chris Wright, the former owner with 14 million shares, and Moorbound with 18 million shares, will remain the other main shareholders.