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Tuesday, July 24, 2007

For QPR "Cook Move Prevents Cash Crisis" & QPR's Turn to ABC

Ben Kosky/Kilburn Times - Cook move prevents cash crisis
24 July 2007

"Lee Cook's departure to Fulham has effectively staved off the threat of QPR being forced into administration for a second time.
Rangers increased their debt to the ABC corporation by £1.3m at the start of the month to avoid a potentially disastrous winding-up order from the Inland Revenue.
But the sale of Cook, which netted the club £2.5m up front, will enable them to repay the second loan - even though 15 per cent of the fee goes to the winger's former club Watford.
The Rs could eventually receive as much as an extra £2m from Fulham, dependent on how many appearances Cook makes for them and their success over the next four years.
QPR director Nick de Marco explained that the club had no choice but to turn to ABC, who effectively hold an option to sell Loftus Road under the terms of their original £10m loan in 2002.
He told the Times: "No-one else can lend us money with the ground as security because of the existing arrangement with ABC, so it was either borrowing from them or administration.
"As a result, the chances of administration are now not as great as they might have been a few weeks ago.
"We felt that to get £2.5m up front with no conditions attached is a good deal for someone who hasn't been tested in the Premiership - much better than we got from Watford for Danny Shittu."
He added that the board will continue discussions with potential investors, with a view to refinancing the remaining ABC loan, and hope to make an announcement in the next few weeks.
Rangers finally conceded defeat in the battle to retain their Player of the Year last week, when he agreed personal terms and signed a four-year deal at Craven Cottage....

Cook's sale should allow QPR to complete the protracted signing of Derby goalkeeper Lee Camp later this week, possibly in time for him to feature in their next pre-season friendly at Wycombe this Saturday...
Kilburn Times

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