Paper Talk - 'Slap on the wrist' for Blitz loan
Thursday, 12th Jul 2007 22:20
Oldham and QPR are expecting to receive nothing more than a slap on the wrist over the Simon Blitz loan.
FOOTBALL League officials are set to probe Simon Blitz's £500,000 loan to Queens Park Rangers.
The Boundary Park chairman lent the money from his own account, insisting it was a personal transaction with no connection to Athletic, but the league will discuss a possible conflict of interests.
It seems unlikely that either Athletic or QPR will receive a heavy punishment, even though football investors are not supposed to get involved with more than one club.
Mr Blitz declined to make any comment today, but the expected outcome from the league's monthly meeting was a slap on the wrist.
The New York-based tycoon offered his loan towards the end of last season as Championship side QPR were going through serious cash-flow problems.
They had to debts to pay, and Mr Blitz helped them out as he had some "extra funds" in his account.
He stressed it was a business deal which did not go through Athletic's books and on which QPR were charged interest, leaving him with a personal profit.
Everything was registered through the correct channels, with the loan secured against QPR's star player, Lee Cook.
League officials have opted to discuss the matter, but all parties have taken steps to resolve the issue quickly and avoid any damaging penalties.
Contrary to reports last week, a cheque sent to Mr Blitz by QPR did not bounce - part of the £500,000 has been repaid, with the rest to come within days.
Rangers fans were alarmed about losing 24-year-old winger Cook if the Loftus Road board, who accepted the loan over two months ago, were unable to come up with the necessary payments.
Ironically, Cook is now poised to leave QPR in an expensive transfer to Fulham.
Athletic were not asked to send a representative to the Football League's meeting, while a spokesman for QPR said: "The arrangements the club has already put in place remain acceptable. No charges have been brought."
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