What We're Reading

QPR Secures $23 Million Bank Loan

  • Guardian, Tuesday, April 16, 2013 12:54 PM

Queens Park Rangers secured a $23 million loan on March 18, two days after it fell 3-2 away to Aston Villa in a crucial Premier League game that sent the London club one step closer to relegation next season. Since then, QPR has slid further to a whopping 10 points adrift from safety with just five games to play.

Fears have grown that the club will be in serious financial difficulty if indeed it is relegated, as now looks likely. But club shareholder Tony Fernandes maintains that he and the rest of the club’s shareholders are in it for the long-haul, and the loan is seen as evidence of that.

However, according to the Guardian, QPR is approximately $138 million in debt due to loans paid by Fernandes and the Mittal family during the 2011-2012 financial year, in which the club lost $35 million. This year, QPR splashed out $35 million to get Christopher Samba and Loic Remy during the January transfer window. The question for next season is just how much debt Fernandes, the Mittal family and the club are willing and able to absorb in order to keep QPR solvent.

Read the whole story at Guardian »

Next story loading loading..