QPR Statement re Blitz Loan, ABC Refinancing and Returning Loan

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QPR OFFICIAL SITE - CLUB STATEMENT

The Board have today (Sunday) issued the following statement with regards to on-going speculation in the national press.

Queens Park Rangers FC have been involved in discussions with Simon Blitz about possibilities of re-financing the ABC loan at a better interest rate for QPR.
As part of those negotiations, and by way of a down-payment to demonstrate his interest in assisting with this in the future, Mr Blitz agreed to loan QPR £500,000.
It was agreed that the loan was not in violation of the Football Association or Football League rules.
Mr Blitz, as the lending party, assured QPR that he was satisfied, having received his own legal advice, that the loan did not violate any football rules.
The loan, and the security for the loan was not hidden and was made public by the registration of the security at Companies House.
Contrary to press reports, the loan was not made to help QPR with its payroll, but was made in the context of the ABC re-financing discussions.
Having taken further advice, and having discovered that Simon Blitz did not have the prior written authorisation of the F.A. to make this loan, QPR has agreed to pay the loan back forthwith.
QPR would like to assure its 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.
QPR will continue to work hard to try and re-finance the ABC loan in the near future.
The contents of this statement have been shown to Simon Blitz and agreed by him. It will also been sent to the Football Association.QPR

See Previous QPR Report re Simon Blitz Loan - "Oldham Chairman Simon Blitz Explains £500,000 Loan to QPR"

FROM LAST WEEK re LEAGUE/OLDHAM-QPR INVESTIGATION
Friday's Standard QPR probe spells chaos for League
RAOUL SIMONS Sports News Editor

THE climax of the Championship season was thrown into chaos today by the Football League’s decision to probe Queens Park Rangers.
The club are under investigation after taking out a £500,000 loan from Oldham Athletic chairman Simon Blitz.
If found guilty of breaking League rules, Rangers could be deducted points — opening up the sensational possibility of rivals Leeds United escaping relegation.
Nineteenth-placed Rangers are six points ahead of Leeds — who are third bottom — but results on Sunday when QPR face Stoke and Leeds meet Derby could see that gap close to three.
The outcome of the League investigation is not expected soon, which means the arguments over the final make-up of the table could extend long into the close-season.
In a further twist, Leeds are understood to be close to going into administration which, if announced before the end of the season, could render the QPR issue academic.
The Yorkshire club would automatically be deducted 10 points as punishment for financial mismanagement.
The League have announced they are investigating the bizarre arrangement between Rangers and Blitz, which involves the loan being secured against the future sale of star winger Lee Cook.
Asked if the probe could theoretically lead to a points deduction, a League spokesman today refused to comment.
Blitz is understood to be a friend of Rangers chairman Gianni Paladini and was asked to provide funds to help the club cover wages while they overcame cashf low problems.
Paladini said: “I arranged something in the best interests of the club. I am not telling lies when I say we have no intention of selling Lee Cook — that is unless we get an offer we just cannot refuse.”
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. 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.”

May 3, 2007 BBC -League to probe Oldham-QPR link

The Football League has launched an investigation into a £500,000 personal loan made by Oldham chairman Simon Blitz to Championship side QPR.

A League spokesman said: "An issue, relating to Oldham and Queens Park Rangers, was brought to our attention."

The loan, which was registered with Companies House on 18 April, has been confirmed by Blitz.

However, neither QPR chairman Gianni Paladini nor the Football Association would comment on the matter.

Blitz told the Oldham Chronicle: "This is a business deal on a personal level which has no bearing whatsoever on Latics."

QPR's supporters' trust co-ordinator Tracy Stent added: "We are interested in finding out more about this, and we will be trying to do so (after Sunday's game against Stoke)." BBC


May 3, 2007 Sporting Life -LEAGUE PROBE LOAN TO QPR
By Tom Collomosse, PA Sport

The Football League has launched an investigation into a £500,000 personal loan made by Oldham chairman Simon Blitz to Coca-Cola Championship outfit QPR.

The loan, registered with Companies House on April 18, is believed to be secured against the potential sale of Rangers' star player Lee Cook and has been confirmed by Blitz, although Rangers chairman Gianni Paladini did not want to comment when approached.

A Football League spokesman said: "An issue, relating to Oldham Athletic and Queen's Park Rangers, was brought to our attention. This is now being investigated."

The League did not reveal possible punishments for Rangers or Oldham should they be deemed to be guilty of wrongdoing, while the Football Association would not comment on the matter.

Members of the Rangers Supporters' Trust are to meet Paladini on Sunday, when Rangers play their final Championship match of the season against Stoke, to discuss the matter.

Blitz said the loan would have no negative impact on Oldham's finances, and told the Oldham Chronicle this week: "This is a business deal on a personal level which has no bearing whatsoever on Latics."

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