"QPR face League probe over loan"

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UPDATED:

Today's Daily Mail. [Story basically previously reported in last Sunday's Mirror and then Ben Kosky/Kilburn Times . See QPR Report Timeline re reports re loan and responses this going back to early May

UPDATED: OLDHAM CHRONICLE - League probes Rangers loan
MICHAEL YARWOOD

FOOTBALL League officials are set to probe Simon Blitz’s £500,000 loan to Queens Park Rangers.

The Boundary Park chairman lent the money from his own account, insisting it was a personal transaction with no connection to Athletic, but the league will discuss a possible conflict of interests.

It seems unlikely that either Athletic or QPR will receive a heavy punishment, even though football investors are not supposed to get involved with more than one club.

Mr Blitz declined to make any comment today, but the expected outcome from the league’s monthly meeting was a slap on the wrist.

The New York-based tycoon offered his loan towards the end of last season as Championship side QPR were going through serious cash-flow problems.

They had to debts to pay, and Mr Blitz helped them out as he had some “extra funds” in his account.

He stressed it was a business deal which did not go through Athletic’s books and on which QPR were charged interest, leaving him with a personal profit.

Everything was registered through the correct channels, with the loan secured against QPR’s star player, Lee Cook.

League officials have opted to discuss the matter, but all parties have taken steps to resolve the issue quickly and avoid any damaging penalties.

Contrary to reports last week, a cheque sent to Mr Blitz by QPR did not bounce – part of the £500,000 has been repaid, with the rest to come within days.

Rangers fans were alarmed about losing 24-year-old winger Cook if the Loftus Road board, who accepted the loan over two months ago, were unable to come up with the necessary payments.

Ironically, Cook is now poised to leave QPR in an expensive transfer to Fulham.

Athletic were not asked to send a representative to the Football League’s meeting, while a spokesman for QPR said: “The arrangements the club has already put in place remain acceptable. No charges have been brought.”

THE Football League will today also decide whether Leeds will be allowed to start life in Coca–Cola League One next month.

Months of uncertainty over the Elland Road club's future were seemingly ended yesterday when administrators KPMG announced Ken Bates' consortium had bought back the club for an undisclosed sum.

But KPMG's decision to sell the club outside of a Company Voluntary Arrangement (CVA) could have grave consequences for Leeds' future in League One. Oldham Chronicle

Daily Mail - QPR face League probe over loan
QPR could be in trouble with the authorities after today's meeting of the Football League board.
The club face the possibility of sanction over a £500,000 loan from Oldham chairman Simon Blitz.
The deal may be considered a breach of Football League regulation 80 which forbids individuals linked with one club lending money to another without permission.
Cook's potential transfer is at the centre of the investigation
Details of the loan, which Blitz claims was secured against the future sale of Rangers winger Lee Cook, emerged in April and prompted a League investigation.
Rangers promised to pay back the cash but the League have yet to see evidence the repayment has taken place.
The matter is on the agenda at today's meeting of the league's executive board who may refer it to an independent Football Disciplinary Commission. If found guilty, both clubs could be fined or deducted points.
Blitz said the loan was a private business deal and had no connection to his Oldham role.
Rangers director Nick De Marco said: “The club have been assured by authorities that the arrangements we have put in place to resolve this remain acceptable.”
Daily Mail