QPR Chairman Bill Power is considering legal action in a bid to have the terms of the club’s £10 million loan renegotiated. And the emotive Power had some choice words for former club administrator Ray Hocking who was the link between the mysterious Panamian-based ABC Consortium, who provided the money for the loan at a staggering £1 million in interest a year.

Rumours had suggested that QPR officials had been able to change the conditions of the loan, but Power confirmed that nothing could be further from the truth.

‘I wish we had been able to renegotiate but unfortunately it just hasn’t happened,’ said Power this week.

‘I have had one meeting with Roy Hocking and I have to say that I probably didn’t do myself any favours because I told him exactly what I thought of him and his loan.’

Power confirmed that Hocking no longer worked for administrators BDO Stoy Hayward, but that it was after he had left that company in July that Hocking approached the club.

‘He came to us and said he wanted to look at the books to try and help as we had been behind with our repayments of the loan,’ said Power. ‘I couldn’t believe it and I told him just what I thought. The man can have no shame.’

The whole episode with the loan which brought QPR out of adminsistration still wrangles with the new chairman, who cannot believe that such a deal was done.

‘Why on earth they needed £10 million is beyond me,’ he said. ‘Nick Blackburn has been quoted as saying they needed £3.5 million to pay Chris Wright, while  another £3 million went to a tax bill and the rest to the running of the club, it seems like a staggering amount.

‘Then to go into a meeting when the interest rate on the loan is eight per cent and then in the blink of an eye it is 10 per cent is ridiculous - that’s £2 million just like that.’

He continued: ‘David Davies said to me that they had to do it as the league were going to close them down, but when I spoke to the league they said nothing of the sort - they wanted to do everything to help us.

‘To me the whole deal was a ridiculous self-serving one - the whole thing stinks.’

As well as the loan, Power and the rest of the Rangers board are still hamstrung by enormous tax arrears as well as the influence of former chairman Chris Wright, who is in no hurry to sell his 10 per cent share in the club.

‘We have seem to have adopted all sorts of problems and at the same time we seem to have adopted Chris Wright,’ said Power.

‘Every time we look at the books another unpaid tax bill seems to pop out of it. It makes me cry to think of how much tax we’ve been paying. We’ve paid out over £2 million in arrears and of course that was just the arrears, we have to keep up our regular payments as well and try and keep the club on an even keel.’

He continued: ‘One thing I will say, and this is not beating our own drum, is that if we had not taken over when we did, and found the investors that we did, then this club would no longer exist.

‘The taxmen have been very good with us, but if you continue to ignore tax bills then they will catch up with you and we would have been wound up. It could not have been any worse than it was.’

One thing that has been affected by the club’s need to pay off debts is the prospect of bringing in new players.

'We certainly can’t afford to buy anyone and that means going cap in hand to other clubs and begging for players,’ said Power. ‘Arsenal have been really good to us giving us Frankie Simek but it is very difficult to get anyone else in.’