Queens Park Rangers chairman Tony Fernandes today insisted the £15million loan the club have taken out is being put towards building a new stadium and not because they are in a financial crisis.
Rangers look certain to be relegated to the Championship having dropped 10 points short of safety.
They are believed to be around £90m in debt and the loan they acquired from Barclays Bank in Hong Kong last month sparked fears that QPR, who have a wage bill in excess of £56m, are struggling financially. But Fernandes has revealed the club are close to making an announcement regarding a switch from Loftus Road, something he has been working on since buying Rangers in 2011.
On his twitter account, he wrote: “Loan for QPR is for new stadium. Next two weeks will be hopefully good news. But work is starting. We will not say any more on stadium.”
QPR are still expected to sell a number of players in the summer to help ease their financial situation, with January signings like Loic Remy and Christopher Samba among them.
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