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2013 » April » 17 » QPR plan to leave Loftus Road
QPR plan to leave Loftus Road
QPR owner Tony Fernandes plans to build a new stadium, despite imminent relegation from the Premier League.
The news was broken on Tuesday following the announcement that the Rs had taken out a 15 million pounds loan secured against the club's assets - the first time they have borrowed significantly under the Malaysian businessman's tenure.
The loan, with Barclays Bank in Hong Hong, was finalised on March 18 and, despite currently being saddled with a debt of about 90m pounds, a spokesperson insisted the club's shareholders remain 'wholly committed to the club's short, medium and long-term objectives'.
Fernandes tweeted on Tuesday evening: "Loan for qpr is for new stadium. Next 2 weeks will be hopefully good news. But work is starting. We will not say anymore on stadium."
Loftus Road is currently the Premier League's smallest ground with a capacity of around 18,500, with manager Harry Redknapp insisting the reduced matchday revenue the Rs receive - compared to other top-flight sides - is a large disadvantage.
