Oldham Chairman Simon Blitz Explains £500,000 Loan to QPR

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Update:

SPORTING LIFE - RANGERS FANS QUESTION LATICS LOAN

The QPR Supporters Trust is to meet chairman Gianni Paladini to discuss a £500,000 personal loan to Rangers from Oldham supremo Simon Blitz.

The loan, believed to be secured against the potential sale of Rangers winger Lee Cook, has been confirmed by Latics chairman Blitz although Paladini did not want to comment when approached.

The loan was registered with Companies House on April 18 and Blitz insists it will have no negative impact on Oldham's finances.

"We are interested in finding out more about this, and we will be trying to do so [after Sunday's game against Stoke]," said Tracy Stent, the Rangers Supporters' Trust Co-ordinator.

Blitz told the Oldham Chronicle: "It is something I do. People borrow money from me and they pay it back with interest. Business is business.

"People can say whatever they like but this is a business deal on a personal level which has no bearing whatsoever on Latics." Sporting Life

QPR 1st Statement - New loan for QPR Holdings Ltd
May 2, 2007

Following the file updated at Companies House on Monday concerning a £500,000 loan to QPR Holdings Ltd, QPR 1st Chair, Tracy Stent, yesterday morning spoke to club director, Kevin Steele.
Kevin informed her that that whilst confidentiality clauses had been signed between the various parties involved with this loan, it is a short term one; it's basically a floating charge; that he is confident it will mean good news for the longer term of the club; and that there are other discussions ongoing in relation to the ABC loan. He also informed that because of the nature and sensitivity involved in such discussions, the Board and/or those involved are unable to update regarding this at the current moment in time, but would do so when there is any news to report on.
QPR 1st will update with any further news on this as and when we receive it. QPR1st

Oldham Evening Chronicle Blitz defends loan to QPR
by MICHAEL YARWOOD

ATHLETIC chairman Simon Blitz has made a personal loan of £500,000 to Queens Park Rangers.

Mr Blitz was approached by QPR chief Gianni Paladini as the London club were going through cash-flow difficulties, and he agreed to lend them the money to help cover wages.
The New York-based tycoon, whose main interest is a telecommunications company, said it was entirely a personal business transaction which had “no bearing whatsoever” on Athletic.
Questions have been raised by Athletic supporters, but the funds, secured against the transfer of QPR player Lee Cook, did not go through Boundary Park accounts.
Mr Blitz said: “I was talking to the QPR chairman and he asked me for a short-term loan because they had problems covering the payroll.
“I told him ‘Actually, I can help you out’ because I had some extra funds in my personal account.
“I do this sort of thing – agreeing to a loan, getting the money back quite quickly and making profit from the interest.
“It’s something I do. People borrow money from me and they pay it back with interest. Business is business.
“Usually the collateral is something like a house, but QPR couldn’t use their land to guarantee the loan so I agreed they could use a player.
“There’s no conflict with my position at Oldham Athletic because I haven’t invested in another club, just lent them some personal funds for a few weeks.
“People can say whatever they like, but this is a business deal on a personal level which has no bearing whatsoever on Latics.
“I haven’t contravened any rules and I registered it all with Companies House – it’s a way of making money and, in the long term, that can only benefit the club.”
Mr Blitz has several business interests in America and Britain and co-owns Athletic with Simon Corney and Danny Gazal.
He expects to be paid back when QPR, who have had long-term financial problems, receive money from the sale of season tickets. Oldham Evening Chronicle

Yesterday's QPR Report - And as was posted yesterday per Julia/Boardroom Blues reporting "[Lee] Cook Used As Loan Security"- That QPR Holdings Ltd has borrowed £500,000 from Oldham Chairman/Co-owner Simon Blitz secured against the future sale of Lee Cook. Report