QPR Supremo Tony Fernandes Insists Loan Is For New Stadium

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Loftus Road side look to dampen reports of a financial crisis at the club.

QPR chairman Tony Fernandes has looked to dampen speculation the club could be set for a financial crisis, reports Sky Sports.

The club are widely expected to suffer relegation from the Premier League this season despite lavishing huge sums on new players over the last twelve months.

QPR brought in the likes of Loic Remy and Chris Samba during the January transfer window in an attempt to stave off relegation with the latter having been reported as receiving wages of £100,000 a week.

That has been denied by the club but Fernandes has admitted that the QPR’s current pay structure is unsustainable.

Fears that the club could be set for a financial crisis should they suffer relegation to the Championship were compounded when it was revealed that Fernandes took out a £15 million bank loan out against the club’s assets last week.

It was the first time that Fernandes has borrowed a significant amount of money from the bank since he became majority shareholder in 2011.

But Fernandes has insisted that the loan will be used as part of the club’s search for a new stadium.

Fernandes wrote on Twitter on Wednesday: “Loan for QPR is for new stadium. Next two weeks will hopefully bring good news. But work is starting. We will not say anymore on stadium.”

When one of his Twitter followers said £15m for a new stadium was “not plausible”, Fernandes added: “Of course it’s not 15. Add a zero.”

The QPR chairman revealed that he hopes to have more news on the club’s search for a new ground in the next couple of weeks.

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