QPR pay off £10 million loan
QPR have paid off a £10 million loan in full, releasing the West London club from a £1 million annual interest burden and putting an end to a difficult chapter in the club’s history.
“Queens Park Rangers Football Club are delighted to announce the full repayment of our £10 million loan from ABC,” the Loftus Road club said.
The loan was taken out in 2002 to help the club come out of administration and had to be repaid by 31 July 2008.
ABC Corporation had an option over the Loftus Road Stadium, which would have become exercisable if QPR had failed to repay the amount in full by the set date.
QPR’s co-owner, Flavio Briatore, said: “The ABC loan has been of great concern to QPR fans and has been a noose around the neck of this Football Club for far too long.
“I am delighted that we have now made arrangements to put this saga to an end.
“This once again highlights our commitment to this Football Club and now I am looking forward to working on the continued growth of Queens Park Rangers, both as a club and as a brand.”
In a separate development, QPR have strongly denied rumours that manager Iain Dowie is about to be sacked, following a row with the club’s hierarchy.
It was claimed that Dowie, who was appointed in May, had clashed with Briatore over the club’s recruitment policy.
But QPR said there was "categorically no truth in the rumours”.
In the first match of the season, QPR will play Barnsley at Loftus Road this Saturday.
7 August 2008