QPR's Return of Money to Oldham's Simon Blitz Noted

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[Whether this now means that any FA Investigation has been preempted, remains to be seen. At least as of now, there has been no word from Oldham's Simon Blitz.]

Independent - Lindsay Harrison
"...Queen's Park Rangers say they will immediately pay back the £500,000 personal loan made to them last month by the Oldham chairman Simon Blitz. Last week, the Football League launched an investigation into the loan, which was registered with Companies House on 18 April and was secured against the potential sale of QPR's Lee Cook.
A Rangers statement said: "Having discovered that Simon Blitz did not have the prior written authorisation of the Football Association to make this loan, QPR has agreed to pay back the loan forthwith... The loan was not made to help QPR with its payroll but made in the context of... refinancing discussions." Independent

TEAMTALK
Rangers to repay Latics chief loan
QPR say they will pay back immediately the £500,000 personal loan made to them by Oldham chairman Simon Blitz last month.

The Football League last week launched an investigation into the loan, which was registered with Companies House on April 18 and was secured against the potential sale of Rangers' star player Lee Cook.

A Rangers statement read: "Having taken further advice, and having discovered that Simon Blitz did not have the prior written authorisation of the Football Association to make this loan, QPR has agreed to pay back the loan forthwith.

"QPR have been involved in discussions with Simon Blitz about possibilities of re-financing the ABC loan (a £10m loan taken in 2002 from the Panama-registered ABC Corporation and secured against Loftus Road) at a better rate of interest 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.

"The loan was not made to help QPR with its payroll but was made in the context of the ABC re-financing discussions." TEAMTALK

THE QPR CLUB STATEMENT FROM May 6

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

And how Oldham's Simon Blitz Initially Explained the Money
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 Chronicle

See QPR Statement re Blitz Loan & Earlier stories re this - QPR Report re Blitz Money