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Tuesday, May 08, 2007

re QPR & Simon Blitz & Future Investment

Ben Kosky/Kilburn Times - No need to cash in on Cook

QPR insist they are under no pressure to sell Lee Cook this summer after returning a controversial loan from Oldham chairman Simon Blitz.
Blitz loaned the club £500,000 - secured, it was reported, against funds from the future sale of Cook, and prompting the Football League to announce an investigation.
Rangers have been trying to refinance the £10m ABC loan, the interest from which has crippled the club financially ever since a previous board agreed the deal in 2002.
In a statement, the present board confirmed: "The loan was made not to help QPR with its payroll, but in the context of the ABC refinancing discussions.
"Having taken further advice and having discovered that Simon Blitz did not have the prior written authorisation of the FA to make this loan, QPR has agreed to pay the loan back forthwith.
"QPR would like to assure supporters that it has no intention of selling Lee Cook and the fact that the proceeds of any future sale was offered as a security does not suggest this.
"Mr Blitz had no say in any potential sale of Lee Cook and now it is agreed to repay the loan he will not have a security over him."
It is understood that Blitz does plan to invest in QPR, but cannot do so while he remains chairman of Oldham, who are involved in the League One play-offs against Blackpool this weekend.
Cook, who is still contracted to Rangers for another two years, was named both supporters' and players' Player of the Year at the club's annual awards night on Sunday.
Top scorer Dexter Blackstock collected the Young Player of the Year gong, as well as the Kiyan Prince Goal of the Season award for his winning strike against Preston last month. Kilburn Times

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