Survival boost for QPR

Holloway (right): Predicting bright future for QPR

By David McIntyre BBC Sport

Second Division QPR have been taken out of administration.

The administration order was lifted following a hearing at the High Court on Monday.

Former chairman Chris Wright took a substantial write-off on his loans and handed back a large part of his shareholding in the club a few weeks ago.

We have faced some tough decisions and learned some hard lessons

David Davies
QPR chief executive

His decision helped enable the repayment of debts to all the Loftus Road club's creditors.

Loftus Road chief executive David Davies said in a statement: "This is wonderful news and the conclusion of one of the darkest periods in our history.

"We have faced some tough decisions and learned some hard lessons.

"These are lessons which many clubs are now having to learn.

"We will come out of this experience in a much stronger position.

Wright retains stake

"Gone are the days when players will be paid excessive wages.

"When we first went into administration, QPR was highlighted as being run on the economics of a madhouse.

"What we have done is bring some sanity to the club."

Wright, the main creditor as well as owner, agreed to accept half of the £6.7m he was owed.

But he has retained a 25% stake in the company as well as ownership of the club's training ground.

Rangers failed to get out of the First Division despite a massive investment resulting from a floatation in the summer of 1996.

They were hard hit the money from 'parachute' payments given to relegated clubs ran out.

With a wage bill already far too big for the First Division the club dropped into Division Two last year and in April 2001 administrators BDO Stoy Hayward were called in.

Transfer embargo lifted

But as many clubs struggle following the collapse of ITV Digital, QPR find themselves in a strong position.

They have not budgeted for television money and have slashed their wage bill.

It has been an awful period for QPR but I'm calling us 'the orange club', because the future is bright

Ian Holloway
QPR manager

Current manager Ian Holloway also has highly-rated players in his squad such as Richard Langley, Clarke Carlisle, Terrell Forbes and Dan Shittu.

Holloway said: "QPR were the first into the tunnel and are coming out of it just as everyone else is going in.

"There must be a lot of worried clubs but we have learned hard lessons and now we are on solid ground at last.

"It has been an awful period for QPR but I'm calling us 'the orange club', because the future is bright."

Holloway will now be looking to add to his squad having been restricted by a transfer embargo, which will be lifted with immediate effect after the club was taken out of administration.