Wright: I don't want my £20m

One of the men considering buying the football club is property developer Andrew Ellis, the 32-year-old son of Peter Ellis, who was QPR chairman when Wright bought the club in 1996. Peter Ellis was chairman for two years while the club was owned by Newmarket-based businessman David Thompson. Andrew Ellis was also a QPR director.

QPR have confirmed that Andrew Ellis is considering launching a takeover and he told reporters that a deal had been struck in principle.

Meanwhile, Wright has tabled a "seven-figure bid" to take control of Wasps.

Crucially, he wants the purchase of the rugby club to include QPR's training ground, the former British Gas sports ground site in Acton. He wants the site to become the training home of Wasps and the base for their amateur, women and junior sections.

Wasps, at present, rent rugby pitches at the Bisham Abbey national training centre in Berkshire but, under the Wright scheme, they would take over Acton and QPR might have to find another training ground. Both rugby and football clubs would continue to play first team matches at Loftus Road.

Day-to-day business at both clubs will continue as normal while Loftus Road plc are in administration. In fact, the rugby club subsidiary is not affected by the administration order.

The idea of administration is for an independent person to take control of the organisation and take stock of the financial situation. It is unusual for any debts to be settled during a period of administration.

But the man owed most money by QPR is Wright, and he promised today that he will continue to bankroll the club if necessary.

He said: "I will continue to fund the day-to-day running of the group until the end of the season and help to find a purchaser for QPR and Wasps. My support for both clubs remains undiminished and my greatest wish would be for the right individual with ready funds, energy and ideas to step in and secure their future as soon as possible."

Wasps generated £8m last year by selling their former home at Sudbury to a housing development company but the football club, fighting to avoid relegation from the First Division, have been losing more than £500,000 a month.

The man appointed as administrator is Ray Hocking, from BDO Stoy Haywood Business Recovery Services.

He is meeting with the PFA tomorrow to discuss QPR players' contracts but would not rule out the sale of players.

Hocking said: "Football clubs are often run on the economics of a madhouse and QPR have been no different. We are trying to bring it back into the realms of normality.

"We are reviewing the whole player situation and have a meeting with the PFA to discuss the proper way forward. Everybody knows the players' wage bill at a football club is usually the biggest cost.

"I have been involved with several other football clubs, although I cannot name them, and we are optimistic about the future of Queens Park Rangers, not least because Loftus Road owns the club's football ground and training facility in Acton."

He said the problems at the club started about five years ago - before Wright bought the club - and Wright and his directors had been unable to correct them soon enough.

Hocking said he would not be rushed into accepting a bid and potential purchasers would have to find in the region of £20m to buy parent company Loftus Road Plc and the subsidiaries QPR and London Wasps rugby club.