Wednesday, November 11, 2009
QPR Finances Recalled
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Will have to return to this part!
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.
[b]The term of the Amulya loan is two years. The rate is 8.50% compared with ABC's 10 %.[/b]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."
Wednesday, August 06, 2008
"New Loan Pushes ABC Out of the Picture"-
Ealing Gazette - New loan pushes ABC out of the picture
QPR have averted the prospect of ABC Corporation acquiring their Loftus Road ground, the club have confirmed.
ABC had the option to take ownership of the stadium if a £10m loan they made to the club’s holding company in 2002 was not repaid in full by the end of last month.
A recent letter to shareholders explained that the debt was paid by securing another £10m loan from a different company, Amulya Property Ltd, who now have a similar option to acquire the stadium in two years’ time if they are not repaid.
The interest rate on the new loan is 8.5% and Amulya has links with both Rangers’ co-owner Flavio Briatore and QPR holdings vice-chairman Amit Bhatia, whose father-in-law Lakshmi Mittal bought a 20% stake in the club last year.
The ABC loan has posed a threat to the club’s future for some time and the interest payments of nearly 11% were a major financial burden.
The loan was arranged so Rangers could come out of administration by making a payment to former owner Chris Wright, who was then a major creditor having made a series of directors’ loans during his tenure.
It also left the club with significant working capital which was used to fund the squad that won promotion from the Second Division two years later.
"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," Briatore told QPR’s website.
"I am delighted that we have now made arrangements to put this saga to an end." Ealing Gazette
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."
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
July 28, 2008 "Remembering the ABC Loan"
Chairman's Report With Accounts - June 2009
"...Subsequent to the year-end, the ABC Corporation loan that attracted an interest rate of 11.76%was repaid and refinanced in July 2008 with a loan fromAmulya Property Limited, a company with which Amit Bhatia and I are connected. The interest rate under the Amulya Loan is 8.5%..."
http://qprreport.blogspot.com/2009/06/flavio-briatores-chairmans-report-in.html
Will have to return to this part!
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.
[b]The term of the Amulya loan is two years. The rate is 8.50% compared with ABC's 10 %.[/b]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."
Wednesday, August 06, 2008
"New Loan Pushes ABC Out of the Picture"-
Ealing Gazette - New loan pushes ABC out of the picture
QPR have averted the prospect of ABC Corporation acquiring their Loftus Road ground, the club have confirmed.
ABC had the option to take ownership of the stadium if a £10m loan they made to the club’s holding company in 2002 was not repaid in full by the end of last month.
A recent letter to shareholders explained that the debt was paid by securing another £10m loan from a different company, Amulya Property Ltd, who now have a similar option to acquire the stadium in two years’ time if they are not repaid.
The interest rate on the new loan is 8.5% and Amulya has links with both Rangers’ co-owner Flavio Briatore and QPR holdings vice-chairman Amit Bhatia, whose father-in-law Lakshmi Mittal bought a 20% stake in the club last year.
The ABC loan has posed a threat to the club’s future for some time and the interest payments of nearly 11% were a major financial burden.
The loan was arranged so Rangers could come out of administration by making a payment to former owner Chris Wright, who was then a major creditor having made a series of directors’ loans during his tenure.
It also left the club with significant working capital which was used to fund the squad that won promotion from the Second Division two years later.
"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," Briatore told QPR’s website.
"I am delighted that we have now made arrangements to put this saga to an end." Ealing Gazette
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."
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
July 28, 2008 "Remembering the ABC Loan"
Chairman's Report With Accounts - June 2009
"...Subsequent to the year-end, the ABC Corporation loan that attracted an interest rate of 11.76%was repaid and refinanced in July 2008 with a loan fromAmulya Property Limited, a company with which Amit Bhatia and I are connected. The interest rate under the Amulya Loan is 8.5%..."
http://qprreport.blogspot.com/2009/06/flavio-briatores-chairmans-report-in.html
