As Rangers seek to find a way out of the financial millstone, which costs £1m-a-year in interest alone, majority shareholder Gianni Paladini has at least got over his original shock when he invested around £600,000 for 22.1 per cent of company shares in May.

Far from being welcomed as the first major investor after three years of near and far-misses (at one point The Moonies religious group made an enquiry) Paladini reckons he was snubbed by members of the previous regime.

The former football agent believes former chairman Nick Blackburn, chief executive David Davies and director Ross Jones would have little do with him.

Paladini, who has represented some of the top names in English football, claims he became an instant fan after feeling the heat of a Loftus Road game last season, but was cold-shouldered by part of the former administration.

He said: "I wasn't welcome the minute after I got involved with the club. I tried but couldn't get answers about the finances of the club, especially when I would ask David Davies. For a long time it was like banging my head on the wall.

"It appears that Bill Power (new chairman) would get phone calls asking him what I was doing at the club. And yet I had just brought a large sum of money and was keen to see what I was getting for my investment."

What Paladini claims he eventually saw gave him cause for a sharp intake of breath. He alleges that the Rs were two weeks away from a second bout of administration, which carries an immediate fine of 10 points.

He said: "We faced a bill from the tax and the VAT man of around £2m. We hadn't got it, and had no way of getting it at the time. Quite frankly, we were at the wall. I made a plea to my friend Antonio Caliendo in Monte Carlo to help. He had contacts going back 30 years.

"I told him if he couldn't help I would lose all my money. I've never lost money in football and he must have thought it was shrewd on my behalf, and we set about getting the money."

At one point, it looked as if the Monaco Rainier family were about to bestow some royal deference on west London, but then Prince Albert caught sight of a newspaper report spelling out QPR's plight and that was that.

After that, Paladini and Caliendi persuaded other Monte Carlo businessmen to cough up, and they bought the company name Barnaby Holdings especially for the purpose.

Paladini said: "We've paid the immediate bill, but why did we have to borrow £10m? We didn't have a £10m debt. The loan was agreed at eight per cent and at the last minute - not the last hour - the details of the loan was changed to 10 per cent - take it or leave it.

"The previous board claimed the Football League forced them to do it. But I've spoken to the League and they say that's not true. But I want to know the truth."

NICK BLACKBURN makes no apology for his contribution as former QPR chairman. In fact, the West End businessman, who left the club in the summer along with chief executive David Davies and director Ross Jones, believes it was he and other board members' efforts that helped make the club the attraction it is as the Rs sit on the cusp of promotion to the Premiership.

For all that, Blackburn revealed the sometimes painful world of running a club in administration as Rangers were for 13 months up to May 2003. It was a time where he believes there was pressure from the Football League to prove the club could continue in the long term.

The administrator BDO and the club reluctantly agreed to take on a crippling £10 million debt. One which left the club with a huge financial millstone - but avoided the horror of watching it fold altogether.

He said: "Do I wish we had never had to take out the loan with the company ABC? ? yes. Do I believe we had to take out the loan? - yes. We had to pay back former chairman Chris Wright £3.75m to start with, and then administration and other fees of around £3.2m.

"But most important as far as the Football League was concerned was being able to prove we had funds to continue. We then needed the last £3m to run the club." The vice-chairman took the top chair when Wright left in 2002, but is baffled by majority shareholder Gianni Paladini's claim that he was left in the cold when he first got involved with QPR in April.

 Blackburn said: "I took him to games and a social occasion. I understood he clashed with David (Davies) but that was because it seemed Gianni wanted to get involved in the chief executive's job.

"As for the £2m, we needed to pay the VAT and tax, that was no secret. However, I'm not sure we were under any serious immediate threat for the club to be wound up."

Related links
The Loan