Queens Park Rangers are currently undergoing a major power-struggle behind the scenes as new investor Gianni Paladini is slowly re-shaping the future of the Rangers Boardroom.
Last week David Davies, Rangers’ Chief Executive stepped down from his position after a number of disagreements with the Rangers board and failed takeover bids. Davies who stood down on Friday looks set to be joined by Company Director Ross Jones and Chairman Nick Blackburn to end the Chris Wright era at the club.
Blackburn is currently on holiday in Portugal and when he returns he’ll find the club is being run by a new ownership.
It was Blackburn, Davies and QPR Holdings Chief Jones who refinanced the club when it fell into administration in 2002 and secured its long-term future by taking out a £10million loan. The trio are still seen as part of the Chris Wright era despite putting the club back on the road to recovery after reaching near financial meltdown.
After a number of takeover bids and investment offers had stalled or been rejected, the club’s board came under increasing pressure from fans, eager to find the answers of why the club hadn’t accepted the offers.
Much of the disagreement behind the scenes in recent months has been over the club’s seemingly endless search for new investors. The gang of three had survived many a battle in the past, but when a desperate need for cash led them to Paladini in April, their grip was loosened.
The Italian bought a 22 per cent stake and immediately formed a strong alliance with Bill Power, a lifelong supporter who joined the board last year after injecting much-needed cash.
Paladini’s relationship with Davies quickly turned sour, leading to a serious bust-up prior to Davies’ departure being confirmed after a board meeting on Friday morning.
After Paladini, Power and another supporter on the board had injected vital money into the club, Kevin McGrath, became the dominant force in terms of shares owned and, crucially, boardroom votes (the deciding factor in the Davies departure).
His year’s annual general meeting (AGM) was going to become interesting. Blackburn was facing the prospect of having to stand for re-election without a block vote behind him due to being unpopular with fans over his connections with Chris Wright and the possible merger with Wimbledon.
With the combined shareholding of Paldini, Power and McGrath totalling over 40 per cent, and Paladini retaining the option of increasing his personal stake from 22 to 51 per cent, the balance of power had shifted and Davies was the first to fall on his sword.
The Chris Wright era is coming to a dramatic end after days, weeks, months and years of behind-the-scenes talks it seems Gianni Paladini has been the catalyst of there downfall and is the new face behind the club and its finances. Assisted by Power and McGrath is seems a new era is already underway for Rangers with a different gang of three in control of the clubs financial destiny.
For all the latest Rangers news whether it be finances, players, contracts, transfers or pre-season news log onto QPR MAD-the first place to turn for up-to-date news.
Also keep in touch with England as they prepare to do battle with Portugal in the Euro 2004 quarter-finals. ENGLAND MAD brings you up-to-date news, stats and features. Log on at
www.england-mad.co.ukIt promises to be a busy summer, share it with FootyMad- as mad about football as you are!