Following the 2003–2004 season QPR returned to Division 1 and struggled for consistent form over the next two campaigns before Holloway was suspended amidst rumours of his impending departure for Leicester City. A poor series of results and lack of progress at the club saw Holloway's successors Gary Waddock and later John Gregory – both former players – fail to hold on to the manager's job. During this same period, QPR became embroiled in financial and boardroom controversy. Although the club had floated on the Alternative Investment Market in 1991, in 2001 it entered administration (receivership). A period of financial hardship followed and the club left administration after receiving a £10m high-interest emergency loan which continued to burden the club. Scandals involving the directors, shareholders and others emerged in 2005–06 season and included allegations of blackmail and threats of violence against the club's chairman Gianni Paladini. In an unrelated incident, QPR were further rocked by the murder of youth team player Kiyan Prince on 18 May 2006 and, in August 2007, the death of teenager and promising first-team player Ray Jones in a car crash. Following this low point in the club's history as Rangers also faced mounting financial pressure, in the same month it was announced that the club had been bought by wealthy Formula One businessmen Flavio Briatore and Bernie Ecclestone (see "Ownership and finances" below). During the 2007–08 season, Rangers competed in the Football League Championship (see also: 2007–08 Queens Park Rangers F.C. season). John Gregory's reign as manager came to an end in October 2007 after a string of poor results left QPR at the bottom of the Championship and he was replaced by Luigi De Canio until the end of the 2007–08 season. Further investment followed in early 2008 as the club looked to push for promotion to the Premier League within four years, on the back of greater financial stability. On 14 May 2008, Iain Dowie was announced as the manager to begin the campaign to return Rangers to the top flight. However, on 24 October 2008 Dowie was sacked after just 15 games in charge of the club. On 19 November 2008, QPR named former Portugal midfielder Paulo Sousa as their new first team coach. However, on 9 April 2009, his contract was terminated after he allegedly divulged confidential information without authority. On the same day as Sousa's sacking, player/coach Gareth Ainsworth was appointed as player/caretaker manager for a second time. In June 2009 Jim Magilton was named as new manager of QPR.