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Queens Park Rangers pay off hefty loan
England - 07 August, 2008
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The GBP 10 million loan owed to ABC Corporation by English Queens Park Rangers (QPR) has been finalized.
The loan was provided to QPR in 2002 to help with administration-related costs and has been hanging over the club for too long, based on a statement issued by Flavio Briatore, Chairman of QPR Holdings Limited.
Briatore went on to express his delight at seeing the issue come to a close, allowing him to focus on the future of the club.
"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," Briatore told the BBC.
"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."
The loan was provided to QPR in 2002 to help with administration-related costs and has been hanging over the club for too long, based on a statement issued by Flavio Briatore, Chairman of QPR Holdings Limited.
Briatore went on to express his delight at seeing the issue come to a close, allowing him to focus on the future of the club.
"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," Briatore told the BBC.
"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."
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