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The ground was first used on 11 October 1904 by Shepherd's Bush F.C., an amateur side that was disbanded during the First World War. QPR moved to Loftus Road in 1917, having had their ground at Park Royal commandeered by the army in 1915. At that time the ground was an open field with a pavilion. One stand from Park Royal was dismantled and re-erected forming the Ellerslie Road stand in 1919. This stand remained as the only covered seating in the ground until 1968 and was replaced in 1972. It had a capacity of 2,950.
The stadium's highest recorded attendance of 35,353 was in a game against Leeds United on 27 April 1974. The following summer the paddock of the South Africa Road stand was converted from terracing to seating with the installation of 4,600 seats, thus lowering the capacity of the stadium to the 31,002 present for the last home match of the 1975/6 season against Leeds United on 24 April 1976.
During the summer of 1981 an artificial pitch of Omniturf was installed at Loftus Road, the first such surface to be used in British professional football. It was removed in April 1988 because of football legislation and replaced with grass. There were just three other league stadiums in the whole country with a plastic pitch, and by 1994 all of these had been ripped up
New stands were opened at the School End in the summer of 1980 and one year later at the Loftus Road end. At the same time as the new Loftus Road stand was built executive boxes were installed in the lower tier of the South Africa Road stand and the artificial pitch laid. The stadium capacity at this time was 27,000 and it was one of the most modern and advanced stadiums in Britain having been completely reconstructed over a 13-year period from 1968 to 1981. In the summer of 1994 the Loftus Road ground became an all-seater stadium with the construction of seating in the lower Loftus Road stand. The last match where home spectators were able to watch the match from terracing was on 16 April 1994 against Everton.
The owning company, also called Loftus Road, of QPR, London Wasps and the stadium itself, went into the red in the late 1990s only a couple of seasons after it was formed in 1996. In 2001, there were concerns that Queens Park Rangers and the stadium would need to be sold separately when the club went into administration. There was interest from commercial buyers and housing developers. A supporter's trust was set up to keep the club at Loftus Road, and to fight the suggested move out of the stadium and to Milton Keynes. One further suggestion was a merger between QPR and fellow London club Wimbledon, with the newly merged club playing at Loftus Road, but this idea was abandoned following the response from supporters. A £1 million payment by QPR's long time local rivals Fulham in 2002 helped to alleviate the financial problems in return for a ground sharing agreement while Craven Cottage was developed.
On 7 June 2019, following nominations and a fan vote from a shortlist, it was announced that Loftus Road Stadium would be renamed the 'Kiyan Prince Foundation Stadium' in honour of the former QPR youth team member Kiyan Prince who was fatally stabbed in 2006.