HAROLD WINTON SPEAKS OUT
19 January 2004
The new issue of A Kick Up The R's includes an interview with Harold Winton who was on the plc's board of directors from June 2002 until September 2003. Harold wanted to explain to supporters via the fanzine some of what has been going on.
The £10m loan that the plc took out from ABC Corporation to exit administration was on offer at 8% interest until a couple of days before the agreement was signed, when ABC said they had changed their minds and wanted 10%. Harold despairs at the Board's lack of negotiating skills.
Harold joined the Board in June 2002 at the request of Ross Jones, Nick Blackburn and David Davies who said they wanted him to represent the fans. When Harold voiced what he thought were the fans' opinions the rest of the Board didn't like it.
At his first Board meeting Harold was told we would lose £1.6m last season, which would use up the money from the loan, and were heading for a further £2m loss this season. Budget forecasts were based on the hope of incoming investment rather than on facts, and the directors were presented with incomplete financial information, for example they were told the cost of players' salaries but not those of the administrative staff at the club.
The huge QPR Financial Services advert above the School End brings no revenue because the contract has expired.
David Thorne was looking to invest £400,000 with a further £600,000 taken out as a loan against the ground and £1m worth of share options to buy at a later stage. Harold believes that the club paid David Thorne's solicitor's bill.
The
interview with Harold took place several weeks ago. In a post script after
the Rushden game Harold reports that the club now owes £2m to creditors
which it cannot pay, and adds "At QPR there is no three-year plan,
not even a three-month one. There isn't even a three-week plan."
There is much more than this in the interview: don’t miss it.
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