QPR REPORT

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QPR FACE DROP OVER LOAN DEAL - Sunday Mirror - - - - -----

By Paul Smith 08/07/2007

QUEENS Park Rangers face being relegated from the Championship or handicapped with a severe points deduction when the Football League board meet on Thursday.
The League is furious that QPR seriously breached their rules by entering into an illegal loan agreement with League One Oldham.
They borrowed £500,000 against the future sale of 24-year-old winger Lee Cook. The Football League has ordered QPR to repay the money.
But QPR's financial crisis has deepened leaving them in a perilous position after the original cheque they issued to - repay Oldham bounced.
However, QPR chairman Gianni Paladini insisted last night: "We paid the cheque to Oldham on Friday. I can tell you now that everything is satisfactory."
A Football League source said: "We have unlimited powers to take an acceptable course of action in the case of QPR." Sunday Mirror

May 6, after the issue became public, a QPR official statement declared "...QPR has agreed to pay the loan back forthwith."

SEE ALSO:

May 8, 2007 QPR & Simon Blitz & Future Investment

May 8, 2007 - QPR's Return of Money to Oldham's Simon Blitz Noted

May 6, 2007 - QPR Statement re Blitz Loan, ABC Refinancing and Returning Loan

May 2, 2007 - Oldham Chairman Simon Blitz Explains £500,000 Loan to QPR