"The Board have today (Sunday) issued the following statement with regards to on-going speculation in the national press.

Queens Park Rangers FC have been involved in discussions with Simon Blitz about possibilities of re-financing the ABC loan at a better interest rate for QPR.

As part of those negotiations, and by way of a down-payment to demonstrate his interest in assisting with this in the future, Mr Blitz agreed to loan QPR £500,000.

It was agreed that the loan was not in violation of the Football Association or Football League rules.

Mr Blitz, as the lending party, assured QPR that he was satisfied, having received his own legal advice, that the loan did not violate any football rules.

The loan, and the security for the loan was not hidden and was made public by the registration of the security at Companies House.

Contrary to press reports, the loan was not made to help QPR with its payroll, but was made in the context of the ABC re-financing discussions.

Having taken further advice, and having discovered that Simon Blitz did not have the prior written authorisation of the F.A. to make this loan, QPR has agreed to pay the loan back forthwith.

QPR would like to assure its supporters that it has no intention of selling Lee Cook, and the fact that the proceeds of any future sale was offered as a security does not suggest this.

Mr Blitz had no say in any potential sale of Lee Cook, and now it is agreed to repay the loan he will not have a security over him.

QPR will continue to work hard to try and re-finance the ABC loan in the near future.

The contents of this statement have been shown to Simon Blitz and agreed by him. It will also been sent to the Football Association."
 

Link
QPR Official Site