Briatore: Oversaw Parejo signing

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QPR chairman Flavio Briatore has warned the rest of the Championship that the arrival of Real Madrid's Daniel Parejo is just the tip of the iceberg.

The cash-rich R's have pulled off a remarkable coup in luring Parejo to the capital, given the 19-year-old is seen as one of the brightest young prospects in Spain and a jewel in Madrid's famed academy.

Formula 1 boss Briatore has an enviable contacts book and it was his friendship with Real president Ramon Calderon that helped seal Parejo's Loftus Road switch.

And in news that will delight QPR fans and daunt the rest of the division, Briatore has claimed similar relationships with officials at both AC Milan and Juventus.

Closed country

"A lot of the time in England people just go for the same players. You often have five or six managers watching the same player - it's a very closed country," Briatore told the Daily Mirror.

"What we will try to do is open our eyes and work with the likes of Real Madrid, AC Milan and Juventus. We aren't looking only in the UK.

"We are lucky in that we have a reputation for doing things properly and we have been in sport a long time. We know who our targets are and maybe Dani is here with us for a year, two years, maybe forever - let's see how well he does."

Debt paid off

Meanwhile, QPR have repaid the £10million loan they took out back in 2002 to enable them to come out of administration.

The loan, from the ABC Corporation, had to be repaid this summer or else the Panama-based company could have taken up an option on Loftus Road.

But with money no longer an issue at Rangers with Briatore, Bernie Ecclestone and Lakshmi Mittal in charge, the debt has been repaid in full.

Briatore said: "The ABC loan has been of great concern to QPR fans and has been a noose around the neck of this club for far too long. I am delighted we have now made arrangements to put this saga to an end.

"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 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."