League Championship Queens Park Rangers Take Out $45M Loan From Barclays Bank
League Championship side Queens Park Rangers has agreed to a £27M ($44.9M) loan with Barclays, "secured against the club's assets and Premier League parachute payments including potential TV revenue over the next two seasons if they return to the top flight," according to James Riach of the London GUARDIAN. It is the second time Rangers have agreed to a "loan with the bank in the past year and comes at a time when their financial security has come under intense scrutiny." QPR Chair Tony Fernandes agreed to the loan last Thursday. The club said that the deal strengthens its relationship with the bank "ahead of plans to build a new stadium and training ground." QPR said that the £15M borrowed last year "has been paid back, however, given that Rangers reported debts" of £177M this month, supporters "may be concerned that outgoings remain significant." The new £27M loan is "secured against assets including Loftus Road and parachute payments that the club are due to receive following their relegation from the Premier League last season." Rangers have received £23M ($38.3M) this year, will be paid £18M ($30M) next season and then £9M ($15M) in "each of the following two seasons" (GUARDIAN, 3/28).