ATHLETIC chairman Simon Blitz has made a personal loan of £500,000 to Queens Park Rangers.

Mr Blitz was approached by QPR chief Gianni Paladini as the London club were going through cash-flow difficulties, and he agreed to lend them the money to help cover wages.

The New York-based tycoon, whose main interest is a telecommunications company, said it was entirely a personal business transaction which had “no bearing whatsoever” on Athletic.

Questions have been raised by Athletic supporters, but the funds, secured against the transfer of QPR player Lee Cook, did not go through Boundary Park accounts.

Mr Blitz said: “I was talking to the QPR chairman and he asked me for a short-term loan because they had problems covering the payroll.

“I told him ‘Actually, I can help you out’ because I had some extra funds in my personal account.

“I do this sort of thing – agreeing to a loan, getting the money back quite quickly and making profit from the interest.

“It’s something I do. People borrow money from me and they pay it back with interest. Business is business.

“Usually the collateral is something like a house, but QPR couldn’t use their land to guarantee the loan so I agreed they could use a player.

“There’s no conflict with my position at Oldham Athletic because I haven’t invested in another club, just lent them some personal funds for a few weeks.

“People can say whatever they like, but this is a business deal on a personal level which has no bearing whatsoever on Latics.

“I haven’t contravened any rules and I registered it all with Companies House – it’s a way of making money and, in the long term, that can only benefit the club.”

Mr Blitz has several business interests in America and Britain and co-owns Athletic with Simon Corney and Danny Gazal.

He expects to be paid back when QPR, who have had long-term financial problems, receive money from the sale of season tickets.

 

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Oldham Chronicle