The QPR Annual General Meeting took place at Loftus Road on Monday, Tracy Stent was kind enough to provide us with a report.

QPR Holdings Ltd AGM ~ Members Bar, Loftus Road ~ 14th April 2008
In attendance: Alejandro Agag, Chairman of the meeting and Managing Director of QPR holdings; Gavin Taylor, chief financial officer; Gianni Paladini, Chairman of QPR FC; Ali Russell, deputy managing director; Marco Rapini, lawyer and Board member.

I suppose there were around 80 people in attendance at today’s AGM. It was certainly nowhere near as crowded as previous ones, but still a good show from the small shareholders early on a Monday morning. I think Neil from QPR 1st is going to be a doing more in depth report so I’m just going to cover the basics as I am really struggling for time as I write this.

Alejandro Agag made the introductions for those sitting at the top table and whilst we all knew who he, Gianni and Gavin Taylor were, the couple of new faces were introduced as Ali Russell, the club’s new commercial and deputy managing director, and Marco Rapini, a lawyer and a board member. AA explained that he had helped to oversee the latest articles of association which were being asked to be adopted at the meeting.

He started off by saying that there is a strategy for the club to become a Premier League one over the course of the next three years, going on to say that he would come to that after the ordinary business had been dealt with.

The first issue was the receiving and approving of the accounts for May 2007 year end. There had been 600m plus votes for, and so the resolution was carried.

Next up was the re-election of Flavio Biatore as a director of the company. There had been 600m votes for and 13,000 against, all that voted in the room raised their hands for, and so the resolution was carried.

Then came the re-election of Bruno Michel to the board which again, was the same as above.

Up next was the re-election of Alejandro Agag as a board member. There had been 600m votes for, and 41,000 against, so the resolution was carried. Again, the same for Gavin Taylor.

Next up was the re-election of Amit Batir (who AA explained was a member of the Mittal family, and who were also investing into the club). There had again been 600m votes for and 0 against. The resolution was carried as was the next one to re-elect Marco Rapini who had 3 votes against.

This was followed by the resolution to re-elect Gianni Paladini onto the board, he had received 600m votes for and 17 against.

And the final resolution carried in the ordinary business part was for the re-appointment of Shipley’s, the company auditors.

The special resolution was explained by AA that the board were asking for the substitution of new articles of association to apply to the company; saying that they were being brought up to date in accordance with company law; and that nothing would change in respect of shareholders’ rights. This was also carried.

He then gave a little explanation of how when they (the new board/owners) arrived at the club it was in a difficult situation both in respect of the football and economically. The club was close to liquidation and he and the rest of the owners are thankful to Gianni Paladini for the work he put in at that difficult time, and also to others, including Mr Winton. He went on to say we dropped into the relegation zone and the objective at that time was to stay in this division because had the club been relegated at the end of this season it would have made the project for the club difficult.

So 10 players were brought in during January and this was done with no leaks, all negotiations were done secretly, and when done, was announced on the website, all done efficiently and discreetly. Then he said there were better results, though there were games we should have won, and jokingly said to blame Gianni for that and not him. So the objective for this season has been achieved. Next season we will start again, saying there are three years for us to work on getting into the premier league. He stressed there is no pressure because we have that time. More players will be brought into the club to help strengthen, and that the plan is going as expected. He said a few words on the QPR support, saying how they themselves feel it, and that they realise the importance of the support of the fans.

He went on to say that there will be no exclusion towards the smaller shareholders, and admitted that whilst the shareholding is being diluted, the decision has been taken to allow those with their shares to keep them. He then invited questions from the shareholders, saying all questions were welcome.

The first question was by a shareholder who expressed his delight at the minority being allowed to hold onto their shares and then asked for clarification on the structure for everyone. AA explained that Sarita Ltd (Briatore and himself) own 57% of the shares; Bernie Ecclestone owns 15%; Mr Mittal, via a company, owns 20%; Flavio Biatore has 5% in a separate company; and there remains 3% roughly elsewhere, thus the percentage owned by the minority shareholders.

The next question was one about season tickets and if there will be a differential between existing and new ones? AA said that no final decision had actually been made and then handed over to Ali Russell who said that a plan has been put together, feedback is awaited, and they have looked at a variety of schemes.

AA assured that the club are not going to go OTT, saying there will be maybe an increase in some/all, and that in the central area it will be a big increase. The rest he said is something that would be reasonable and estimated that the final prices will be known in about two weeks.

The next question was asked about possible stadium development and AA admitted that legroom is a problem for everyone (he made a light hearted comment about Flavio and how he likes his room) but said that there will not be any changes regarding steps/distance for next season because the cost of doing something like this for the stadium could be in the region of £6m, and interestingly he said they have been having discussions with the council about all possibilities, saying they “don’t exclude anything”, and that maybe a stadium next door in the future might come up. He referred to the stadium as a difficult situation at this current time and then went on to say how there will be changes though regarding a few seats, around 300, which will be for big money. He was referring to the area in the immediate vicinity of the directors box and jokingly asked the fan who had raised the question if he would like him to keep a couple aside for him.

He referred to these changes as a small investment which will bring in big money because at this moment in time their main concentration is on players, and on which ones to bring in to help strengthen the squad.

Alan Barnes asked about the possibility of a roof being built over the Loft for people that get soaked whilst sitting in those uncovered seats and Ali Russell replied that with Loftus Road being an old stadium, the club needs to take a measured approach, and to concentrate on getting to the premier league and then getting the facilities right. He said that all areas have been looked at, some have been prioritised for the summer, and some afterwards.

A question was then asked about Luigi De Canio and if he is happy here? AA said that when he first came over here he did not speak a word of English, he now speaks it with the players, but is not confident in doing so in public (i.e. press conferences). GP said that he has one daughter, who spends a lot of her time over here anyway, and that he doesn’t have an extended family as such back in Italy.

A shareholder then asked to go back to the issue of the 300 seats in South Africa Road which are going to be sold expensively for next season; saying that he has sat in that directors box area since 1976/77 and that he is really concerned about prices rising substantially, thus pricing him out. AA responded by saying he was sorry to have told him this news and that he will be one of the first to be offered one of those seats, but if it is out of his financial means, then they would try to find him, and others like him, seats as near as possible to that area. He said that those seats will be bringing in big amounts, and that in a way he could see it is not fair on those that have sat there for years, but that at the same time the club needs to increase the revenue, and again apologised to the shareholder in question. He referred to it as a catch 22 situation and suggested the possibility of a meeting with those affected when the final structure is released, saying it is an uncomfortable situation but that they would do their best to find the best solution for him and others like him.

Pat Harrison asked a question about any outline on plans for youth development and AA said that the main thing they are looking at is to cover one of the pitches at the training ground for use by the youth only. He said that without that we will be unable to play in the top youth league, and this is a priority of the club. GP then also responded by saying we need to join the elite, which includes the encouragement of coaches and staff, and then citing Balanta and Ramone Rose as players that are progressing and that we need to build on this. They said they are going to try to be ready for this for next season.

Harold Winton then spoke, saying how this might well be his last opportunity to attend an agm, and then spoke about the lower loft seats, emphasising the importance of maybe reducing prices for them in order to encourage more fans to use this area, and to get it back to the old Loft as it used to be (feared by other clubs visiting). He mentioned the fantastic revival of the club under the current owners, and praised Gianni Paladini for his endless work. He made an interesting point about us having dropped 19 points in games since Christmas when we have led, and said had we gained those 19 points we would now be 2 points clear at the top of the table! But then praised the team and said we have lots to look forward to for next season.

He asked if the shares from Antonio Caliendo had been acquired, and the answer was yes, they had gone/been acquired in the takeover. He received nice applause and AA said that he certainly hoped we would be seeing plenty more of Harold at future AGM’s.

The next question, after being congratulated about the Lotto deal, was about shirt sponsorship? AA said that the new shirt is now available for next year; they reached an amicable agreement with Cargiant, and thanked them for everything in the past; before saying that they expect to get new shirt sponsors but it will not be cheap. He said the club have been in discussions involving three or four possibilities but that they are going to do what they do in F1 i.e will not come cheap because they view QPR as an important brand and said “if we have to go blank then we will do so, it’s an important asset, and whilst there has been a lot of interest, it will also be very expensive”.

New players? Was the next question. AA replied that they do not know about numbers yet, but there will be reinforcements in the close/pre season, and that all deals would be announced on the official website. Someone asked about the possibility of influence if we could play Fulham on Boxing Day next season which brought laughter. GP said it is sadly out of our hands, and when Plymouth was mentioned again, AA jokingly asked him if he is sure we cannot do anything?

A question was asked about disabled facilities and Ali Russell responded by saying that he has held meetings with supporters’s groups; that he is aware of the problems; but is not sure yet whether any changes will occur this season or the one after.

Next up was a question about a pre-season tour and GP said they are looking at the possibility of Italy or Spain maybe but that until any contract is drawn/signed, they can’t say anything.

One shareholder behind me asked about children’s pricing for next season, stating the importance of fair pricing for them, and also saying how the cheap family/community days have been a success. Ali Russell said that the children’s pricing are within their thoughts and strategy and that they are seeking to continue the family days for next season.

When asked about a predicted upturn for next season (financially wise) Ali responded by saying how assets have not been maximised in the past and that targets now are going to be more aggressive with specifics, including ticketing etc.

Shareholder, Roger De Fraitas, then came back to the season ticket pricing for next season, saying how they are a family of five, how his boys grew up watching some really crappy stuff in years gone by, how they all huddled together in the west paddock on Tuesday nights when it was pouring with rain, and said how he would be devastated if fans that have stuck by the club are priced out. He urged them to do new things to bring in money rather than hit the normal fan, going on to say how some years ago he was a co-owner along with other fans (name checking yours truly in the process!) with a stake in a race horse and that the piece of silverware won was a fantastic achievement, citing this as an example of the passion of QPR supporters. He urged them to capture that essence and to price us in, not out.

Roger earned himself some nice applause for his comments and AA assured by saying that he guarantees fans will not be priced out, except possibly for the 300. He went on to say that they don’t have any expectation to recoup their money.

At this stage, time was getting on a bit and nobody had asked about the ABC loan and I was thankful that the next shareholder raised this issue because otherwise I would have done so myself, though I was a bit reluctant to speak at this meeting as I just wanted to observe and write. AA said that the ABC loan has not yet been repaid; they are talking of different ways of refinancing it but it’s not easy because no bank will touch football teams. He said that in July we have to pay it back and commented that if they have to put the money in themselves then they will do so as there is no way the club is going to lose its home/ground.

There was time for a couple of last questions which included one from Geoff Gibbs who asked about direct debit schemes for fans to enable them to pay for their season tickets. Ali Russell said that they are looking at both direct debit and zebra finance (which allows for fans to take out a loan, thus enabling them to pay off over a longer period……note this was in place last season) as they want to encourage as many as possible to buy season tickets.

And the final question was about the catering at the ground regarding poor facilities and queues. Ali Russell said that when supporters visit the stadium it is very important that they have a first class experience, and referred to the Emirates stadium (catering etc) as a bench mark to aim for. He said the club is currently obligated to stay with the current catering company but that ways are being looked at to improving all aspects.

The meeting ended with Alejandro Agag thanking everyone for coming and went back to the issue of the 300 seats, saying he realised it was problematic for those involved but that they would look to solve this as best they can.

Like I say, not as many shareholders were in attendance this time around as there have been at previous ones; the atmosphere was almost carefree and light; and I was a little surprised there weren’t more financial questions asked. I had been asked beforehand to ask a couple of questions but I was more concentrated on writing down what was being said, and I wanted to pay attention to the season ticket stuff because it is a very important and emotive issue for many. Apologies to anyone that might have asked me to ask a question or two on their behalf but for once it was nice to just sit and watch.

Alejandro Agag, as per at the last meeting, came across as utterly professional and connected well with those in attendance. On speaking briefly to him afterwards he said how he had not long been back from Bahrain re: the formula 1 and is now enjoying looking forward to some of the European ones which are nearer.

Gianni came up to me afterwards and proudly showed me a photo on his phone of Flavio’s helicopter. Apparently they both went to Hull in it on Saturday. As I said to him, what a show off, though as far as I’m concerned they can show off as much as they like just so long as they keep the prices real for the fans ;-)

I did try prising out of him which players we are likely to go for but he was tight lipped though he did let slip that Manchester United are going to be training at our place next week (before their game with Chelsea) though whether that’s at the ground or the training ground I don’t know.

I ended up having a drink with a few other fans in the defectors and much as I didn’t want to leave their good company, had to head back as work calls for me. Hope those reading this have enjoyed it, no time to check for any typos etc as am in a rush, but if anyone wants to know anything more then ask away, though I won’t be able to reply for a while as will be offline.

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