Post by QPR Report on Aug 5, 2009 6:40:31 GMT
Edit/Bump
As reported 12 years ago:
August 5, 2008 - BBC - QPR complete payment of £10m loan
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."
ABC Loan - QPR Official Statement: "Repaid in Full" (New Loan?)l-
[No mention of the reported new loan to pay off the ABC loan]
QPR Official Site - ABC LOAN REPAID IN FULL
Queens Park Rangers Football Club are delighted to announce the full repayment of our £10 million loan from ABC.
The loan was taken out into 2002 in order to assist the Club in coming out of administration.
QPR Holdings Limited was required to repay the existing loan of £10m to ABC Corporation on or before 31 July 2008.
ABC Corporation had an option over the Loftus Road Stadium, which would become exercisable if QPR Holdings Limited
failed to repay the loan in full by 31 July 2008.
This loan was repaid in full today. Therefore, the option that ABC Corporation had over the Loftus Road Stadium no longer exists.
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 Football 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." QPR
[The Recent (2008) Letter to QPR Shareholders:
"The company is required to repay an existing loan of £10M to ABC on or before the 31/7/08. ABC currently has an option over the Loftus Road Stadium which becomes exercisable if the company fails to repay the loan in full by 31/7/08.
The company requires financing in order to repay the loan. The company has sought to secure this financing from various financial institutions, but has been unable to do so owing to conditions and requirements of those institutions. As a result Amulya has agreed to advance a loan of £10m to the company in order to allow the company to repay the loan by 31/7/08 and thereby avoid the possibility of ABC exercising their option and acquiring the title to the stadium.
However as a condition to advancing the loan, Amulya requires the company to enter into the option. The option is on substantially similar terms to the ABC option. It grants Amulya an option to buy the stadium for £10M which is exercisable in the event the company fails to repay Amulya when the loan is due.
The term of the Amulya loan is two years. The rate is 8.50% compared with ABC's 10 %.
Amulya Property Limited is a company that both Briatore and Amit Bhatia are connected with and also happens to share its name with a large Indian Property Company."
July 28, 2008 "Remembering the ABC Loan"
qprreport.blogspot.com/2008/07/remembering-abc-loan.html
As reported 12 years ago:
August 5, 2008 - BBC - QPR complete payment of £10m loan
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."
ABC Loan - QPR Official Statement: "Repaid in Full" (New Loan?)l-
[No mention of the reported new loan to pay off the ABC loan]
QPR Official Site - ABC LOAN REPAID IN FULL
Queens Park Rangers Football Club are delighted to announce the full repayment of our £10 million loan from ABC.
The loan was taken out into 2002 in order to assist the Club in coming out of administration.
QPR Holdings Limited was required to repay the existing loan of £10m to ABC Corporation on or before 31 July 2008.
ABC Corporation had an option over the Loftus Road Stadium, which would become exercisable if QPR Holdings Limited
failed to repay the loan in full by 31 July 2008.
This loan was repaid in full today. Therefore, the option that ABC Corporation had over the Loftus Road Stadium no longer exists.
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 Football 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." QPR
[The Recent (2008) Letter to QPR Shareholders:
"The company is required to repay an existing loan of £10M to ABC on or before the 31/7/08. ABC currently has an option over the Loftus Road Stadium which becomes exercisable if the company fails to repay the loan in full by 31/7/08.
The company requires financing in order to repay the loan. The company has sought to secure this financing from various financial institutions, but has been unable to do so owing to conditions and requirements of those institutions. As a result Amulya has agreed to advance a loan of £10m to the company in order to allow the company to repay the loan by 31/7/08 and thereby avoid the possibility of ABC exercising their option and acquiring the title to the stadium.
However as a condition to advancing the loan, Amulya requires the company to enter into the option. The option is on substantially similar terms to the ABC option. It grants Amulya an option to buy the stadium for £10M which is exercisable in the event the company fails to repay Amulya when the loan is due.
The term of the Amulya loan is two years. The rate is 8.50% compared with ABC's 10 %.
Amulya Property Limited is a company that both Briatore and Amit Bhatia are connected with and also happens to share its name with a large Indian Property Company."
July 28, 2008 "Remembering the ABC Loan"
qprreport.blogspot.com/2008/07/remembering-abc-loan.html
