Wednesday 17th April 2013
A Premier League football club has secured a ?15 million loan, against assets such as its stadium, from Barclays Bank in Hong Kong, reports The Guardian.
QPR, owned by Tony Fernandes, has secured the loan against the club?s assets, including Loftus Road. It marks the first time the Chairman has borrowed in his time at the club.
Many fans are concerned with the shift in approach, with QPR?s debt already spiralling just shy of ?100 million, and a future which looks destined for The Championship.
During the 2011-12 financial year the club spent record numbers on players and wages in order to secure the club?s position in Britain?s top football league.
A spokesman for QPR said: "Given the current financial climate, it demonstrates the clear backing banks want to give our shareholders and their plans for the club.
?The loan is personally guaranteed in full by the club's shareholders, who remain wholly committed to the club's short, medium and long term objectives."
Since the Malaysian airline entrepreneur secured his 66 per cent stake in the London based club, QPR has spent a significant amount on transfer fees and player wages.
Accounts for 2011-12 show that the wage bill had doubled to almost ?56 million, it also showed that the club had reported losses of ?23 million ? non inclusive of January?s transfer splurge.
Fernandes admitted last month that QPR's spending needed to be "closely monitored and controlled", while the club have said that the Barclay?s loan is the first step in an ongoing relationship.
The Chairman also recently denied that the club would be crippled by being relegated, with many fearing QPR?s wage budget could damage the integrity of the club.
Fernandes strongly denied the recent reports over the wages of January signing - Chris Samba, which was said to be in the region of ?100,000 per week.
QPR?s spokesman added: "The club's shareholders have an ongoing relationship with Barclays and both parties were keen to extend this relationship to include QPR, particularly in light of the club's stated plans for a new stadium development.?
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The club had been planning a new ground with a capacity of 40,000; more than double that of Loftus Road, though this seems a distant possibility with the state of QPR?s future.
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By Ian Walker
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Source: http://www.loantalk.co.uk/newsstory?id=1078&type=newsfeature&title=football_club_secures_15m_barclays_loan
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