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Page last updated at 11:04 GMT, Tuesday, 5 August 2008 12:04 UK

QPR complete payment of 10m loan

Queen's Park Rangers

Queens Park Rangers have repaid the 10m they owed the ABC Corporation.

The loan was taken out in 2002 to assist the west London club in coming out of administration.

QPR Holdings Limited were required to repay 10m to the Panama-registered corporation on or before the 31 July 2008 deadline.

ABC had an option over the club's Loftus Road ground which could be exercised if the debt had not been met in full.

QPR Holdings Limited chairman Flavio Briatore said: "The ABC loan has been of great concern to QPR fans, and has been a noose around the neck of this club for far too long.

"I am delighted that we have now made arrangements to put this saga to an end.

"Building for the future is what is important to me, and the rest of the QPR board. However, with certain issues it is always necessary to deal with elements from the past, and today we have done this.

"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."

see also
QPR's meal ticket
19 Mar 02 |  QPR
QPR lose embargo appeal
20 Feb 02 |  QPR
QPR fans' cash gesture
15 Jan 02 |  QPR

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