The AGM meeting minutes I took
Here are the notes I took on behalf of QPR 1st at the first AGM I’ve attended. I also took some photos on the day.
Date: 14/04/2008 at 11:00
Location: Loftus Road Stadium, London
In attendance:
- Gavin Taylor (Chief Financial Officer)
- Gianni Paladini (Chairman)
- Alejandro Agag (Managing Director)
- Ali Russell (Deputy Managing Director)
- Marco Repini (Director)
In general
Alejandro Agag said the following:
- when they arrived at the club it was in a very difficult situation.
- the economic side was in ‘critical’ state.
- the existing staff at that time ‘did a good job’ helping save the club, particularly Gianni Paladini.
- when they arrived the team was struggling in the relegation zone.
- the combination of the business and playing side meant the Club was in a state of emergency.
- the objective was to stay in the Championship.
- that relegation to League One would have been a big set-back for the project.
- that January was the first real opportunity to acquire new players and 10 were brought in.
- the same strategy used in January will be used going forward and in the summer where reinforcements are expected.
- they were pleased that information about targets were not leaked.
- they felt the deals they made were done in secrecy and that’s the way they like to work.
- they feel the asking price for those player’s would have risen had information been leaked and competitors got involved.
- they feel that all new signings should be announced on the Club website first.
- they liked announcing new arrivals over a period of day’s and will continue with this approach.
- they feel a staggered approach to such announcements keeps QPR in the public eye and raises the awareness about the Club.
- they are happy overall with the current position we’re in and the progress being made.
- they feel that bar a miracle, the Club is safe and has secured its Championship status.
- they are already thinking about next season.
- they are not promising anything in terms of what to expect next season and we should be mindful there is a 4-year plan.
- there is no extra pressure to get promoted next season, however they’re very confident that it’s possible.
- they are working on lots of things behind the scenes, some that can and some that cannot be announced until the time is right.
- they are feeling that the QPR support is behind them and the fans are in the same boat.
- they realise the importance of the fans and that the support shown is crucial.
- they are very satisfied with how things are going.
- the Club will remain public and not be made private.
- the Share Capital is increasing because they are putting money in (which is diluting the minority shareholders shares).
- they see these events with smaller shareholders as ’symbollic’ and have made a permanent decision to remain public so long as they are at the helm.
- the share breakdown is roughly: Sarita Capital (57%), Amit Bhatia (20%), Bernie Ecclestone (15%), Flavio Briatore (5%) and 3,000 minority shareholders (3%).
- there are 11 million shares valued at 1p, totalling to 1.1 billion shares in issue.
Season Tickets
Alejandro Agag said the following:
- there hasn’t been a final decision on season tickets.
- increases will be reasonable and not over the top.
Ali Russell said the following:
- that he has put a plan to the board.
- he is awaiting feedback on these proposals.
- there are a variety of schemes they’re looking at.
- there will be an increase in some areas and “some big, some small”.
- they expect to finalise these plans within 2 weeks.
- they appreciate that it’s difficult to pay for a season ticket in “one hit”.
- direct debit schemes are under consideration including one being direct debit based and another through Zebra Finance.
- they are considering a wide variety of packages and this also includes multi-game deals and half-season tickets.
- children’s pricing and family day’s are very much in the Club’s thoughts.
Stadium Redevelopment
Alejandro Agag said the following:
- they agree that leg space at Loftus Road is an issue for everybody.
- there is no easy solution to increase space due to the structure of the stadium.
- increasing this space is a big development. By their calculations it would cost at least £6m.
- this will not change for next season and they feel buying new players is more important at this time.
- that the stadium was a difficult situation at this time.
- they are not open to anything and are not excluding any of their options.
- they are in talks with the Council over the BBC site.
- potentially we could have a stadium next door with excellent facilities.
- next season they will look to at maximising revenues.
- as a result they will change around 300 seats for next season as reasonable redevelopment costs.
- they will try to sell these luxurious seats (behind the Directors Box) and generate lots of revenue from them.
- they believe between the Board they can attract enough high profile people to be able to do this.
- season ticket holders who sit in this area will be offered the opportunity to stay there first, but unfortunately face a big increase in price.
- they will try to accommodate fans who have to move by relocating them to the next best seat as near as possible to the original.
- the Club will meet with and work with concerned supporters in this area to find a solution that is adequate and that everybody is happy with.
- they appreciate it’s a difficult situation and unfortunate. They understand that some fans may not feel this is fair.
- all stadium improvements have been prioritised in order of what they feel is most important.
Ali Russell said the following:
- that because Loftus Road was an old stadium, the club needs to take a ‘measured approach’ with improvements.
- that the Club needs to concentrate its efforts on getting to the Premier League and then get the facilities right.
- all areas of the stadium have been looked at and work has been prioritised.
- some improvements will be made in the summer and some afterwards or in the following seasons.
Luigi De Canio
Alejandro Agag said the following:
- that Luigi couldn’t speak a word of English when he first arrived.
- that Luigi is now able to speak some English and can communicate with the player’s in training.
- that Luigi doesn’t want to give press conferences at this time because he isn’t confident that he won’t be misinterpreted.
- that he thinks Luigi’s family does not want to move from Italy.
- that Luigi has only been back to Italy once since he arrived and they believe he is happy here.
- that from the their perspective, so long as results are good, the Board are happy.
Gianni Paladini said the following:
- that Luigi doesn’t have one member of his family in Italy, which is his daughter.
- that stories suggesting he is home-sick are false.
Youth Department
Gianni Paladini said the following:
- that they plan to cover one of the pitches at the training ground, which is a requirement to compete at the elite Youth level.
- they will try to have this cover ready for next season.
- the cover would allow the Youth team to compete against the likes of Manchester United, etc.
- they plan to have more staff and coaches.
- that Angelo Balanta and Roman Rose are close to being ready for the senior squad and they want to build on this.
Kit Sponsorship
Alejandro Agag said the following:
- the agreement with Car Giant was ended friendly.
- the termination of the Car Giant deal means they will not be the kit sponsors next season.
- they are currently looking at 3-4 possibilities for new sponsors, although it may not end up being any of these.
- from their experience in F1, they will not sell cheaply or devalue an asset which they want feel is an important and strong brand.
- if their expectations for sponsorship money is not met, they believe it’s better to not have a sponsor on the shirt at all.
Disabled Facilities
Ali Russell said the following:
- the club have met with various supporter groups and disabled fans and recognise the facilities are not ideal.
- they have priortised improvements and will tackle these in order of priority.
- they expect improvements will be carried out either for next season or the start of the one after.
Pre-Season Tour
Gianni Paladini said the following:
- a tour could potentially be held in Italy or Spain this summer.
- nothing will be announced or done until contracts are signed with clubs.
Transfers
Alejandro Agag said the following:
- that there will be “definite reinforcements” in the summer.
- that Gianni Paladini was working on a number of exciting deals.
- that they couldn’t speculate at this time on how many players will be joining.
Revenue Streams
Ali Russell said the following:
- lots of assets at the Club have not been maximised.
- they have seen an upturn in revenues since January.
- the targets for next season across the board are going to be a lot more aggressive.
ABC Loan
Alejandro Agag said the following:
- that the ABC loan has not yet been paid.
- that talks are continuing with a number of parties to refinance the loan before the July 31st deadline.
- the Club are still looking for the best situation and solution.
- that the difficulty with banks is they will not give a loan to any football club.
- that the Board will pay out of their own pocket if nothing suitable is found.
- that the Club will not lose ownership of it’s ground.
Catering
Ali Russell said the following:
- they want the matchday experience to be first class.
- they are however obliged contractually to continue with the current caterers.
- they are working with the current caterers to try and improve the quality of the service.
- they have been looking at other clubs and researching on ways they can improve the matchday experience.
- they feel the Emirates stadium is a good benchmark.
- that Gavin Taylor recently went to the Allianz-Arena in Germany to see their operations.
