HALEEM IN TALKS BUT WITH A CUT-PRICE BID

from the Hammersmith Times 14th January 2004

by David McIntyre

Haleem Kherallah is in fresh talks with QPR about investing in the club. 

Kherallah, who has been attempting a takeover for two years, publicly accused the Loftus Road board of trying to hold onto their positions when his previous bid was snubbed. 

Now the West-End based businessman is back on the scene and again looking to acquire a batch of shares held by the board, as well as the 16 per cent shareholding still owned by former chairman Chris Wright. 

Kherallah said last night he had had "very positive" discussions with Wright, while talks with Rangers chief executive David Davies were taking place as we went to press.

Despite being furious at being overlooked in favour of would-be investor David Thorne last year, Kherallah has remained in contact with the board and made it clear he is still interested, particularly in light of reports of the club's growing financial problems. 

Thorne, who was courted by club directors over a long period of time, has since faded from the picture. 

Despite that and Rangers' reported cash crisis, obstacles remain in Kherallah's way. 

Kherallah last year offered £1 million and is now offering an initial £500,000 - intended to help pay players' wages and ensure no-one is sold - with the promise of more cash to follow. 

But, crucially, he is offering 3p a share - half what directors Kevin McGrath and Bill Power paid prior to joining the board. 

And Kherallah has always made it clear that he is not prepared to part with his money unless he takes over the running of the club.

A condition of his offer remains that chairman Nick Blackburn stands down, and other changes behind the scenes would be certain.

"I am talking to the club. I have always said the money is there," Kherallah said. 

"I am offering the money to make sure the momentum of this season isn't lost - none of us want to see that happen. "Beyond that, I still say there are changes that need to be made in the running of the club. 

"That has been my position all along - even when I was told I could join the board for £150,000 - and I am not going to change it now." 

We understand there are alternative options being explored by Rangers and there is serious interest from another party. There could be more developments on that front soon. 

But Kherallah insisted: "If someone else wants to come in, then that would be fine. 

"I am hoping to do something and if not, perhaps the fact there is still someone interested in QPR will encourage others to come forward. That would be a good thing. 

"This is all about keeping the momentum going and I have got the money to do that. It is now up to the club what they do."

Related link
David Thorne responds
 

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