QPR Secure £15m Bank Loan for First Time During Tony Fernandes Era

April 16, 2013

Queens Park Rangers have secured a £15m loan from Barclays Bank, against all of the club’s assests, including Loftus Road.

According to The Guardian, the loan was achieved in Hong Kong last month and shows the first significant borrowing since Tony Fernandes became the club’s majority owner.

The move was reportedly finalised on 18 March, in agreement with QPR’s remaining shareholders, the family of Indian steel magnate Lakshmi Mitall.

QPR are approximately £90m in debt due to loans paid in by Fernandes and his partners, totaling £55m and the Mittal family who lent £27m.

The West London club look to be heading for the Championship and fears over their finances have been expressed, after a spending spree in January saw the club break their transfer record twice in a matter of weeks, with the signing of Loic Remy and Christopher Samba, both of which are on £80k a week upwards.

Accounts for 2011-12 show that QPR’s wage bill doubled to £56m and that the club made losses of £23m during that period, which does not include January’s splurge.

A spokesman said: “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.

“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.”