Dear Chris,
It is with much regret that we are withdrawing our bid to acquire Q.P.R FC on behalf of the supporters. Urgent action is required to save the Club as the Football League have stated that unless QPR are removed from administration by 31st May 2002, they will not be allocated any fixtures for next season.
In effect, our 100 year old Club would finally disappear. This is the worst crisis in their history. Speed and certainty of performance in dealing with the problem is essential. We were willing and able to complete the purchase of the Club and certain assets in a new company by 31st March 2002. As a result, Q.P.R would have been removed from administration and we would have obtained additional finance from fans, season ticket holders and investors. In view of the urgency, I trust that the Board and Administrator will now focus on solving the problems caused by constant procrastination over the last few months.
It is also hoped that any purchaser will be committed to a sensible and equitable programme to save the Club and ensure its future at Loftus Road. It is also hoped that any buyer will be aware of the very short time span available. Legal documentation generally takes far longer than anticipated.
On a personal note, I was most disappointed by our meeting last Friday. Maurice Fitzgerald and myself were there to agree a deal. We had anticipated concluding the first stages of the agreement by Easter and legal documentation had been drafted. In fact, after some discussion about the Wasps, your personal position and the creditors we found ourselves ushered into an ante room whilst Ray Hocking presented “new” proposals from the Melzack group.
We assume that you will insist on any purchaser being in a position to provide instant cash to take the Club out of administration. There is also the confusing issue of your own personal debt owed by Loftus Road Plc. Prior to your recent holiday, you confirmed to me that you would accept 50p in the £1 subject to creditors accepting a similar sum. It appears that you may have had second thoughts on this matter and are now seeking payment in full.
It is possible that Maurice Fitzgerald may attempt to form a new grouping if the Melzack group again fail to deliver. In such case my family would offer their best assistance and advice. We have spent a great deal of time and effort in seeking ways of resolving the problems and believe that we have provided the Club with some good ideas for future funding. However, we must express deep disappointment at the way that you and Ray Hocking have failed to prevent the present crisis.
It is our intention to place this letter into the public domain in order to clarify the situation. In the meantime, we will continue to promote We Are QPR Plc and to invite investment from our supporters once the Football League removes the transfer embargo. However, future investment would be subject to the integrity of any new management.
Yours sincerely,
HAROLD WINTON