Altonwood Limited Press Release

Last updated : 29 January 2002 By Altonwood

The Press Release issued yesterday, 28th January 2002, by the QPR Supporters Trust, which they have already apologised for making public, has brought into the public domain confidential negotiations between Altonwood Limited, who own the majority shareholding in Brentford FC Limited, and the Administrators for Loftus Road PLC in respect of Brentford Football Club's offer to acquire all or part of the Loftus Road stadium.

The QPR Supporters Trust has already indicated that they do not feel able to support the offer because they feel it is below the valuation of Loftus Road. We accept that the offer would be below the vacant possession value of Loftus Road but point out that it is made on condition that QPR continues to play there and therefore the vacant possession value is irrelevant.

Altonwood Limited wishes to point out the following: -

Altonwood has agreed to grant an option over its majority shareholding in Brentford FC Limited to the official Supporters Trust, BEES United.

Brentford FC Limited made a subject to contract offer to acquire either all of Loftus Road or half for £10m or £6m respectively on 19th of December 2001.

This offer was made with the condition that QPR continue to play at Loftus Road.

We have not had a response since 19th of December 2001 but, if this offer were accepted, the following could occur:-

QPR would be saved and could exit administration.
The Supporters Trust of QPR could acquire their own club (as the Brentford Supporters can) for very little capital expenditure.

BEES United, the Brentford Supporters Trust, could act in concert with the QPR Supporters when dealing with the ground.

If only half of Loftus Road was sold then the QPR Supporters Trust may well be able to acquire the other half.

It is Altonwood's opinion that in the future Second and Third Division Football League clubs are better served by being run and owned by their Supporters.

At no time has the possibility of QPR not playing at Loftus Road been entertained. Far from it ~ it was proposed that all three clubs, Brentford, QPR and Wasps, could play there.

Ground sharing will become more and more prevalent now clubs are suffering financially due to freedom of contract and the Bosman ruling particularly in London where it is extremely difficult to relocate.