Bump another year
The story was based on what occurred re Oldham/Blitz loan to QPR
qprreport.blogspot.com/2007/07/qpr-face-drop-over-loan-deal-sunday.htmlMay 8, 2007
QPR & Simon Blitz & Future Investment
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Ben Kosky/Kilburn Times - No need to cash in on CookQPR insist they are under no pressure to sell Lee Cook this summer after returning a controversial loan from Oldham chairman Simon Blitz.
Blitz loaned the club £500,000 - secured, it was reported, against funds from the future sale of Cook, and prompting the Football League to announce an investigation.
Rangers have been trying to refinance the £10m ABC loan, the interest from which has crippled the club financially ever since a previous board agreed the deal in 2002.
In a statement, the present board confirmed: "The loan was made not to help QPR with its payroll, but in the context of the ABC refinancing discussions.
"Having taken further advice and having discovered that Simon Blitz did not have the prior written authorisation of the FA to make this loan, QPR has agreed to pay the loan back forthwith.
"QPR would like to assure 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."
It is understood that Blitz does plan to invest in QPR, but cannot do so while he remains chairman of Oldham, who are involved in the League One play-offs against Blackpool this weekend.
Cook, who is still contracted to Rangers for another two years, was named both supporters' and players' Player of the Year at the club's annual awards night on Sunday.
Top scorer Dexter Blackstock collected the Young Player of the Year gong, as well as the Kiyan Prince Goal of the Season award for his winning strike against Preston last month. Kilburn Times
Tuesday, May 08, 2007
QPR's Return of Money to Oldham's Simon Blitz Noted-
[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
Sunday, May 06, 2007
QPR Statement re Blitz Loan, ABC Refinancing and Returning Loan
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QPR OFFICIAL SITE - CLUB STATEMENT
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
See Previous QPR Report re Simon Blitz Loan - "Oldham Chairman Simon Blitz Explains £500,000 Loan to QPR"
FROM LAST WEEK re LEAGUE/OLDHAM-QPR INVESTIGATION
Friday's Standard QPR probe spells chaos for League
RAOUL SIMONS Sports News Editor
THE climax of the Championship season was thrown into chaos today by the Football League’s decision to probe Queens Park Rangers.
The club are under investigation after taking out a £500,000 loan from Oldham Athletic chairman Simon Blitz.
If found guilty of breaking League rules, Rangers could be deducted points — opening up the sensational possibility of rivals Leeds United escaping relegation.
Nineteenth-placed Rangers are six points ahead of Leeds — who are third bottom — but results on Sunday when QPR face Stoke and Leeds meet Derby could see that gap close to three.
The outcome of the League investigation is not expected soon, which means the arguments over the final make-up of the table could extend long into the close-season.
In a further twist, Leeds are understood to be close to going into administration which, if announced before the end of the season, could render the QPR issue academic.
The Yorkshire club would automatically be deducted 10 points as punishment for financial mismanagement.
The League have announced they are investigating the bizarre arrangement between Rangers and Blitz, which involves the loan being secured against the future sale of star winger Lee Cook.
Asked if the probe could theoretically lead to a points deduction, a League spokesman today refused to comment.
Blitz is understood to be a friend of Rangers chairman Gianni Paladini and was asked to provide funds to help the club cover wages while they overcame cashf low problems.
Paladini said: “I arranged something in the best interests of the club. I am not telling lies when I say we have no intention of selling Lee Cook — that is unless we get an offer we just cannot refuse.”
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. 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.”
May 3, 2007 BBC -League to probe Oldham-QPR link
The Football League has launched an investigation into a £500,000 personal loan made by Oldham chairman Simon Blitz to Championship side QPR.
A League spokesman said: "An issue, relating to Oldham and Queens Park Rangers, was brought to our attention."
The loan, which was registered with Companies House on 18 April, has been confirmed by Blitz.
However, neither QPR chairman Gianni Paladini nor the Football Association would comment on the matter.
Blitz told the Oldham Chronicle: "This is a business deal on a personal level which has no bearing whatsoever on Latics."
QPR's supporters' trust co-ordinator Tracy Stent added: "We are interested in finding out more about this, and we will be trying to do so (after Sunday's game against Stoke)." BBC
May 3, 2007 Sporting Life -LEAGUE PROBE LOAN TO QPR
By Tom Collomosse, PA Sport
The Football League has launched an investigation into a £500,000 personal loan made by Oldham chairman Simon Blitz to Coca-Cola Championship outfit QPR.
The loan, registered with Companies House on April 18, is believed to be secured against the potential sale of Rangers' star player Lee Cook and has been confirmed by Blitz, although Rangers chairman Gianni Paladini did not want to comment when approached.
A Football League spokesman said: "An issue, relating to Oldham Athletic and Queen's Park Rangers, was brought to our attention. This is now being investigated."
The League did not reveal possible punishments for Rangers or Oldham should they be deemed to be guilty of wrongdoing, while the Football Association would not comment on the matter.
Members of the Rangers Supporters' Trust are to meet Paladini on Sunday, when Rangers play their final Championship match of the season against Stoke, to discuss the matter.
Blitz said the loan would have no negative impact on Oldham's finances, and told the Oldham Chronicle this week: "This is a business deal on a personal level which has no bearing whatsoever on Latics."
Rangers' Supporters Trust Co-ordinator Tracy Stent added: "We are interested in finding out more about this, and we will be trying to do so [after Sunday's game against Stoke]." Sporting Life
Wednesday, May 02, 2007
Oldham Chairman Simon Blitz Explains £500,000 Loan to QPR
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Update:
SPORTING LIFE - RANGERS FANS QUESTION LATICS LOAN
The QPR Supporters Trust is to meet chairman Gianni Paladini to discuss a £500,000 personal loan to Rangers from Oldham supremo Simon Blitz.
The loan, believed to be secured against the potential sale of Rangers winger Lee Cook, has been confirmed by Latics chairman Blitz although Paladini did not want to comment when approached.
The loan was registered with Companies House on April 18 and Blitz insists it will have no negative impact on Oldham's finances.
"We are interested in finding out more about this, and we will be trying to do so [after Sunday's game against Stoke]," said Tracy Stent, the Rangers Supporters' Trust Co-ordinator.
Blitz told the Oldham Chronicle: "It is something I do. People borrow money from me and they pay it back with interest. Business is business.
"People can say whatever they like but this is a business deal on a personal level which has no bearing whatsoever on Latics." Sporting Life
QPR 1st Statement - New loan for QPR Holdings Ltd
May 2, 2007
Following the file updated at Companies House on Monday concerning a £500,000 loan to QPR Holdings Ltd, QPR 1st Chair, Tracy Stent, yesterday morning spoke to club director, Kevin Steele.
Kevin informed her that that whilst confidentiality clauses had been signed between the various parties involved with this loan, it is a short term one; it's basically a floating charge; that he is confident it will mean good news for the longer term of the club; and that there are other discussions ongoing in relation to the ABC loan. He also informed that because of the nature and sensitivity involved in such discussions, the Board and/or those involved are unable to update regarding this at the current moment in time, but would do so when there is any news to report on.
QPR 1st will update with any further news on this as and when we receive it. QPR1st
Oldham Evening Chronicle 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 Evening Chronicle
Yesterday's QPR Report - And as was posted yesterday per Julia/Boardroom Blues reporting "[Lee] Cook Used As Loan Security"- That QPR Holdings Ltd has borrowed £500,000 from Oldham Chairman/Co-owner Simon Blitz secured against the future sale of Lee Cook. Report
