5 Aug 2008QPR pay back £10 million loan

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Queens Park Rangers have repaid the £10 million they owed to the ABC Corporation after they were loaned the money to come out of administration.

QPR went into administration in 2002 and were loaned the money to help their financial situation, although the Loftus Road was under risk from the deal.

But the money was lent on condition that it was paid back by July 31st 2008.

According to reports from the BBC, ABC had an option over the ground which could have been exercised if the club did not meet its payment deadline.

Flavio Briatore, chairman of QPR Holdings Limited, said that the situation had been a concern to the fans.

He said there had been "a noose around the neck" of the club and he was delighted to have sorted the problem.

"Building for the future is what is important to me, and the rest of the QPR board," he assured fans.

Briatore agreed to take over QPR in 2007 when he teamed up with another Formula One supreme Bernie Ecclestone.

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