Q&A WITH POWER AND PALADINI
Tuesday 14 July 2004
Rangers fans Kim Rogers and Tracy Stent have reported on various QPR messageboards that they sent a list of questions to Bill Power and Gianni Paladini and received a reply last week. Here are some of the questions and answers.
Q: Some of us remain increasingly puzzled about the recent changes within the boardroom because it wasn’t so long ago that Bill was maintaining that your three main predecessors were doing everything that was for the good of QPR so we’re wondering if you would be kind enough to explain how these changes actually came about to take place and why they did?
A: They were doing what they felt was best for the club, but we did have differences over the way forward. Those differences were over such things as budgeting and new investment. The new investment from Gianni was the catalyst for change in that he was then in a much more hands on situation than any of the other Non Exec Dirs. This did lead to further differences on policy and following amicable discussions David, Nick & Ross resigned to allow us to try a different way forward to their preferred route, as they had always promised they would.
Q: What it all actually means for the club?
A: Tighter budgets is probably what will be noticed first, we cannot continue to spend money that isn’t there or we will never move away from being ‘on the edge’. More real openness towards the fans, don’t misunderstand that, we will not be seeing representatives of fans groups every week but when we do meet there will be a lot more open book, I personally cannot think of anything that I would not discuss openly with anyone regarding the R’s.
Q: Do you envisage any further changes to the board in the new future?
A: Yes, we hope to
have an addition to the board as a result of further new investment.
Q: Who, in plain layman’s terms, actually owns QPR in relation to the
change of recent shareholdings?
A: Olga Paladini is the main shareholder of the club, she has her
accountant on the board [Azeem]. Chris Wright is still a major shareholder [he
has absolutely nothing to do with QPR], Kevin and myself are the other
significant shareholders.
Q: With rumours of a £3m deficit with regard to the company accounts for the period ending May 2003 are there any plans by the new board in relation to the following:
i) start working on a way in how to reduce this deficit?
A: Yes, as already mentioned, this is critical to our existence as a club. We are working on a couple of things that will hopefully change things around.
Q: is there going to be a 3 or 5 year business plan for the future?
A: YES, this was one area where we did disagree on the board, I know as much as any R how things can change from one season to the next but without planning your route it’s very easy to get lost.
Q: if you have yet looked into any ways or means to renegotiate the crippling ABC Corporation loan?
A: It is absolutely imperative to the club to renegotiate that loan. It was ill conceived in my opinion and looms over us like the sword of Damocles.
Q: At the time of writing there are rumours of a fresh cash injection into the company by an overseas investor (this might well have taken place by the time you receive this letter). If this investment does take place will it mean that the remaining 29% of the shares remaining in the company up for grabs so to speak will have been purchased by this investor (or, if it doesn’t go ahead, anyone else who might come along in the future and offer a similar injection of money) thereby meaning that all the shares issued at last year’s agm (May 2003) have been bought?
A: Yes
Q: Also, if this is the case, and we are assuming that this overseas investment does go ahead sooner rather than later, then would it mean that basically the majority shareholding in QPR will be held by persons based outside of the UK i.e. Gianni and the speculated potential investor collectively?
A: Yes and no, if the overseas investor purchases 29.9% as planned they will be the major shareholder. Collectively, GP if at all aligns himself with KMc and myself.
Q: Carrying on with the shareholding aspect, and whilst we expect this to be discussed at the forthcoming agm, rumours have been circulating as regards the delisting of the company from a public one to a private one, so is there any chance you could tell us what this will mean to shareholders in general if this change were to go ahead?
A: The shareholders will be totally unaffected by this. I am not an acct but I believe this will make things less expensive to operate.
Q: Also, would shareholders of a private company still be given rights to enable them to vote for or to veto any kind of outright buyout?
A: I believe exactly as if we were Plc.
Q: What’s happening as regards the action against the Winton family?
A: This was another area of debate in the old board, rightly. We are talking to Harold who as always is being extremely helpful. There will not be any further legal action.
Q: With regard to club communication with the fans, as mentioned above a once monthly q&a internet forum type thing has been suggested which really is an excellent idea. Will the club be carrying on with its ‘on the road’ fans forums for the forthcoming season?
A: I quite agree regarding the Q&A for QPRWORLD, it was something Phil Harris and Billy Rice asked virtually the moment the board changed but for the publicity effect asked to be kept back until an announcement on the offish site. The fans forums are great, I loved them before I joined the board and look forward to them in the future.
Q: What’s happening as regards the reserves next season and where will they be playing?
A: At Loftus Rd with an early [2ish] kick off.
Q: A couple of questions were received for your both individually which were: For Gianni if he doesn’t mind: out of interest, why did Moorbound Ltd install its secretary onto the board of QPR Holdings plc rather than yourself?
A: Olga felt we could
do with some extra financial advice.
Q: is it true that you once played for Juventus and the Italian
international team?
A: No, it was a joke after someone watched me playing keep up with a ball that has been blown out of all proportion.
Q: why did you retire from being a football agent?
A: To be able to spend more time with my family. As an agent I had to constantly travel the world with extended stays overseas.
Q: And one for Bill: Bill, being a business man first and foremost, how delighted are you at receiving the directorship of QPR for the sum of £200,000?
A: I would almost put it on a par with watching the births of my sons, promotion at Hillsborough, the 67 league cup final. It’s just lasting longer.
Q: And secondly, now you have such a standing within the club, do you intend to invest any further amount of your own private income into QPR? In fact the same also applies to Gianni too.
A: We have done and as necessary will continue to do so.
Q: And finally, how do you both envisage seeing QPR in 5 years time or so and what are your hopes and aspirations in general for QPR FC? And at what stage are discussions (if any) as regards any plans for a new stadium and in what way will fans be consulted with in the feasibility of such a project?
A: The Premiership,
without any debts and no need to sell players to survive. If a suitable site
became available and funding was manageable we would look at it very
positively, if we are to ever regularly be London’s top club we need a
bigger capacity, we already have the fan base . The fans would be consulted.
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