Second Division, but behind the scenes at Loftus Road the
Hoops are suffering from escalating financial problems. It
was only 19 months ago that Rangers came out of
administration, by virtue of a £10 million loan, but the club
is currently struggling to attract new investment and the
repayment costs of the loan are becoming more and more
crippling.
On the pitch, manager Ian Holloway continues to do a
fantastic job. He took the side to the play-off final last
season, and already this year the average gate, just over
14,000, is higher that when QPR were last in the First
Division. Furthermore, the first team squad has been
reduced from 61 to 24 players and, as a direct
consequence, the wage bill has been cut by nearly a third
compared to when Holloway first arrived.
The club's losses now stand at £2 million, compared to
£5.5 million some three years ago. However, despite the
undoubted progress made in recent years, Rangers are
relying heavily on promotion or face having to sell some of
their star players. Fulham's return to Craven Cottage will
cost the club another £300,000 a year, and with 14
players out of contract in the summer the next five
months will be crucial to Rangers' future.
Chairman Nick Blackburn admitted, "The worst case is that
we survive - but we want to push on, this team can get
promoted. If we don't get promoted we will find it difficult
to keep our best players. The manager will stay as he loves
it here and is committed, but players are different."
Chief executive David Davies confirmed: "The situation is
pretty bad. We're in good shape overall but we need more
investment, otherwise we may have to do things that are
unpalatable."
At the root of the problem is that massive loan.
Repayments on the interest alone are some £1 million a
year, not to mention the initial £10 million that must be
paid back at the end of the term.
As a result of the need to generate more cash, Holloway
could well be on course for a clash with his board should
some of his prize assets be made available for sale in the
New Year. Wolves and Aberdeen are reported to be chasing
midfielder Marc Bircham, while Southampton and West
Ham have been linked with Martin Rowlands.
David Davies added: "We've now reached crisis point where
we are in a position, if offers come in for our players, we
may be unable to refuse them."
Holloway recently hit back saying: "David is doing his job
and I am doing mine. He will get my full support if we don't
sell players - and I don't think it will come to that."
QPR are lying in second place in Division Two, two points
behind leaders Plymouth, with four points back to third
placed Barnsley and on Boxing Day Holloway's side take on
Colchester at Loftus Road.