BBC Sport are reporting that Queens Park Rangers have repaid the £10m they owed the ABC Corporation.
The loan was taken out in 2002 to help with coming out of administration and had to be paid by July 31, 2008 or the creditor could take out an option on Loftus Road if the
Any threat of action over unpaid debts is ridiculous talk with Flavio Briatiore, Bernie Ecclestone and Laksmi Mittal as owners - £10m is pocket money to them.
The good news is the debt has now been cleared and the club is now in a position to build with the financial backing of the new owners. QPR can only move forward this year, and with Briatore having contacts at some of Europe's top clubs, it won't be too long before we're back in the Premier League.
Briatore said: "Building for the future is what is important to me, and the rest of the QPR board. However, with certain issues it is always necessary to deal with elements from the past, and today we have done this.
"This once again highlights our commitment to this football club, and now I am looking forward to working on the continued growth of Queens Park Rangers, both as a club and as a brand."
Briatore has already secured new lucrative sponsorship deals for the club with Italian Lotto making the new kit, and Bahrainian airline Gulf Air - sponsors of Formula 1's Bahrain Grand Prix - as principle sponsor, while he has also persuaded Real Madrid to allow talented Spanish midfielder Daniel Parejo join the club on a season-long loan.