for Ferdinand and this was a major factor in QPR's relegation at the end of the 1995–96 season. Following relegation, QPR competed in Division 1 until 2001 under a succession of managers, including Stewart Houston and Ray Harford. Gerry Francis returned in 1998 and for a while stabilised the club. However, the 2000–01 season proved to be a disaster, the only bright spot being the emergence of future England international Peter Crouch in attack. Francis resigned in early 2001 to be replaced by former player Ian Holloway but it was too late as the club was relegated to England's third tier for the first time for more than thirty years. Holloway consolidated the team and revived its fortunes finishing eighth in 2001–02, fourth in the following season (losing in the play-off final to Cardiff City) and finally second in 2003–04 which resulted in the club's promotion back to Division 1. The positive signs initially carried through into the following season as Rangers achieved a mid-table finish (11th) in the 2004–05 campaign. However QPR struggled to build on the previous years' successes and on 6 February 2006 Holloway was suspended amidst rumours of his departure for Leicester City. He was replaced by a former player; the popular Gary Waddock. The 2005–06 season overall was difficult for Rangers both on and off the pitch as financial troubles and boardroom issues combined with a series of poor performances and defeats. However, until the sacking of Ian Holloway, they had been secure in mid-table, it was only a winless run from the end of February to the end of the season, saw Rangers drop to 21st position. Financial troubles and problems off the pitch For some 10 years from the mid-1990s until late 2007, QPR were embroiled in financial and boardroom controversy. The club floated on the Alternative Investments Market in 1996 at the instigation of Chris Wright, but in 2001 following the relegation from the Premiership and a number of seasons in the second tier, the club was obliged to enter administration. A proposal to merge with Wimbledon was raised, but proved controversial and was dropped. The club left administration burdened with a £10m loan from a Panamanian-registered financier at heavy interest, and secured by a mortgage upon the club's stadium. The club's debts were rumoured to be close to £20 million. Scandal involving the directors, shareholders and other interested parties emerged during