In January 2007, AC attended a meeting at Mishcons’ offices with Steele, K and P to review potential investors and identify the best strategies to support the club. AC recalls at least two further meetings on the same topic during the same period, although he does not recall the exact dates.
While wishing to maintain AC’s stake in QPRH, it recognised the need for a capital injection to address the club’s financial difficulties. Accordingly, AC agreed that existing shareholders should consider possible takeover offers.
However, AC does not recall QPRH actively seeking new investors in the spring or summer of 2007. From documents viewed subsequently, it is clear that P and Steele were seeking investors without informing me, except for Offer B M. My only approach – again according to AC – at that time was towards C with a letter dated 13 August 2007, in which I proposed the acquisition of 47.5% of QPRH or an investment of £25,000,000.
The relationship with P

Starting in May 2007, AC’s relationship with P underwent a significant change due to disagreements over the management of QPR. In August, AC posed the aut aut aut to buy his shares or sell his. P responded with B M’s offer, which will be discussed in more detail below.
Although AC was aware of contacts between P and Steele for the sale of QPRH, it never authorised Paladini to represent it. AC expected Steele, as his lawyer, to act in his interests and keep him directly informed.
In July 2007, H W and his company expressed interest in acquiring additional shares in QPRH. A owned about 3.5% of the company, and a draft contract dated 22 July 2007 outlined the terms of the agreement between A and the selling shareholders. However, Steele appeared to interfere with this negotiation, causing W to withdraw its offer.
FB’s Interest
Meanwhile, in August 2007, AG G presented P to FB, known for its involvement in Formula 1. FB was interested in investing in QPR and, as a result, discussed the deal with Steele and P, although the latter only acted as an interpreter with no authority to represent AC.
AC then instructed Steele and the firm Mishcons to act on its behalf in the negotiation with FB. Steele also represented Wanlock and Z, making him the point of contact for the sale of the QPRH shares.
Approach to B M

On 6 August 2007, an email sent to Steele by A D asked him to convey an offer to B M to purchase AC’s shares for £2,500,000, with a bonus of £2,000,000 in the event of promotion to the Premier League. AC never authorised this communication.
Steele then contacted Michel to confirm the offer, including Z’s shares. A subsequent email from Steele to DM contained the instruction ‘READ AND DISAGREE’, suggesting that AC had not been informed of this negotiation.
After further contact between the parties, the offer for QPRH shares was reduced to 1p per share, a decision which provoked an indignant reaction from Winton, who believed the real value of the shares to be 10p each.
These events profoundly affected the QPRH share sale process, generating tension and misunderstandings between the parties involved.
A complaint was lodged with Scotland Yard about the affair.