QPR REDUCE LOSSES

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PUBLISHED
09:30 2nd March 2015
by @QPRFC
Queens Park Rangers post a loss for the year ending May 2014 of £9.8m …

• QPR have filed its account for the year ending May 2014
• Club posted a loss of £9.8m for the year
• Expenditure was reduced by £22m
• Shareholders write off £60m of shareholder loans

QPR filed its accounts for the year ending May 2014 showing the club posted a loss for the year of £9.8m. Expenditure was reduced by £22m mainly driven by lower player costs and this trend will continue in future years as the club will continue to bring losses down. In addition the club’s shareholders reiterated their long term support for the club by strengthening the club’s balance sheet by writing off £60m of shareholder loans.
The club’s shareholders and directors are of the opinion that the club is moving in the right direction and on track with its mid-term and long-term business plans. The impact of relegation and promotion inevitably has a material impact on the short-term financial results of clubs but the shareholders are comfortable that the medium-term outlook is positive with Premier League revenues growing and the club’s costs continuing to fall.

Read more at http://www.qpr.co.uk/news/article/q...olders-loans-2306179.aspx#gm7oMDz3tHhdPVIf.99

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• Expenditure was reduced by £22m
• Shareholders write off £60m of shareholder loans

I'm sure someone of Tony & Co's detractors can find something negative in this.

For me it sounds like fantastic news on so many levels. We're in a much sounder financial health. The owners long term commitments looks more assured.

Cheers Oslo, that's a great way to kick off my week

 

Sounds like that kills FFP problems creative accounting!

 

Those accounts are so last year.

 

On the face of it they have done a very good job in that 12 month period in getting the finances a bit more under control. A lot of people from other clubs will be very disappointed with this.......

The owners are essentially doing what Abramovich did at Chelsea writing off the debts over a period of time.......

 

They have written off £60 million pounds FFS wake up … that is not good business!
I am appalled also that any QPR fan thinks that's good news … We live in a sick world where people even in this ****ty country are suffering
A business can write off £60m because they were stupid and that makes us stupid for supporting them
This is our club and it's image these fools are playing with

This is a clear attempt to **** over the football league who are also greedy bastards with bad ethics so I support that but to casually say we have no loans it was a present is crazy and maybe an attempt to find a loophole … There will be some smart arse behind it all for sure but 60m has gone and somewhere someone should feel very ashamed

The world of finance in football is disgusting to me … built on greed and no different to historical religion IMO

 

Reducing a £65m loss to under £10m in a year is very impressive. Let's wait to see the full accounts to work out how this was done, and how much the outstanding debt is (though as Tramore says if the owners intend to write this off over time - their only real option I suspect it's less concerning).

Given that we now have the increased TV revenue for at least this season, what are the odds on making a profit for the current season, especially if the cost base is still shrinking......

 

They may have been stupid sticking over £177m of their own cash into the club, plus however much they paid Ecclestone for it, but if they don't expect to get that cash back, and can run the club based on it's own income from now on, I can't see that's a bad thing. It was never QPR's £60m.

It's the 3.5 years wasted dicking around with pretentious ideas and 'ambitions' with largely crap football that we will never get back.

 

Yeah this will piss off a lot of fans and pundits a like. I knew the media was stiring things a lot but this is really good news and to me explains a bit more about the lack of transfer activity in January, whilst I know there were other important factors for this, I had a feeling the accounts had a big part to play. Anyway hopefully FFP will be chucked out soon enough and more importantly the club is being run much better these days

 

Sorry about that ancient finger trouble ! Quite right it was a gift never look a gift horse in the mouth Alsao enjoyed reading the proposal ducument from Boris which states that a stadium is needed on Phase 1 Car Giant area to kick start regeneration next to new old oak high st & old oak underground station in hythe rd

 

I don't see how this can be anything but good news. There may have been poor management, but the owners are paying for it themselves by writing off the debts. The club really seems to be going in the right direction now and relegation may not be the disaster we feared.

 

The club owed £60 million to the owners.

The club now does NOT owe £60 million to the owners.

What's not to like?

Time for a bit of Happy Mondays!

 

BBC Sport
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QPR cut losses by 85% to £9.8m despite 2013 relegation
Premier League club Queens Park Rangers have cut their losses by 85% to £9.8m for the year ending May 2014 despite spending 2013-2014 in the Championship.
Rangers lost £65.4m in the year to May 2013 when they were relegated.
The club say £60m of shareholder loans have been written off. Spending was also reduced by £22m, mainly because of lower player costs.
The Football League is expected to state QPR's Financial Fair Play position within the next week.

QPR's seasons under Tony Fernandes
2011-12
17th in the Premier League
Managers: Neil Warnock, Mark Hughes
2012-13
20th in the Premier League (relegated)
Managers: Mark Hughes, Harry Redknapp
2013-14
4th in the Championship (promoted through play offs)
Manager: Harry Redknapp
If the figures announced today are ratified, it would mean a small fine, rather than the huge one that had been anticipated if losses were comparable to 12 months ago.
QPR chairman Tony Fernandes has presided over huge investment in the transfer market since becoming the club's majority shareholder in August 2011.
But with their Premier League place in jeopardy once more this season, with the club in 17th place in the table, level on 22 points with third-from-bottom Burnley, Fernandes outlined a new approach following the resignation of Harry Redknapp as manager last month.
"Our recruitment policy at QPR is changing," he said. "This is a new strategy for us.
"We want to develop a philosophy of buying young, hungry players who can go on to forge decent careers with us."

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Certainly good news.

 

I would guess that the Football League are a tad pi55ed off with these accounts because they are unable to make an example of us. During the last 12 months we have been highlighted in their press releases and utterances regarding FFP and now the amount is known it is only marginally outside their rules. No wonder there were no leaks from the Football League since they received the accounts in November last year, they realised the results weren't as bad as everyone predicted.

 

Why is not owing £60 million that we owed yesterday anything but good for QPR?

Analogy:

We're in the C&S before a game. I buy a round of beers, which basically means you need to buy the next one. However, I tell you I don't need another, so you just get yourself a second, then we go and enjoy the football.

You've benefited, to the cost of a pint. I'm OK with it, because I didn't really need another pint. We're both happy, cos we're off to watch QPR.

Just think of it as a very expensive pint that the club no longer needs to buy Tony.

 

That really does make good reading.

To post such a minimal loss despite the drop in TV revenue is pretty impressive.

I'm not much of an accountant, but I think that maybe the balance sheet has been wrung dry to post such a small loss and the gift back to the club is there to make it look nicer.

It's still a fantastic turnaround and a great show of commitment by the board.

 

Fernandes and Co. said from the get go that the club would not be in debt because they were prepared to cover the costs. You can't take a club like QPR and make it profitable without first making significant loses.

We all knew the club would make loses, we can't be in the premiership with Loftus Road as our Stadium and be profitable. I know some would happily see us sitting in League 2 and stay at LR, but most fans wouldn't accept that. For those that aren't happy about the loses? Are you at least happy we have owners that stick by their word and cover those loses? Or would you rather we accept a future stuck in the lower leagues?

 

There is the issue though of whether the FA will accept the board wiping out those loses, as it will make the FFP a pointless bit of paper.

 

Seems you are taking quite a strong position but it also seems you don’t really understand what you are talking about.

You think its bad news that ‘a business can write off £60m’. Can you explain what your understanding is of a business writing of £60m?

I ask because my interpretation is that it is fecking brilliant news. A business hasn’t written off that money. Individual shareholders have!! Said hey I am owed £xm but do you know what. I don’t want that lets forget about it.

That has unburdened our club up for future success. They throw money at us with only good intentions. Got it wrong. Took it on the chin and the pocket then took it forward.

Clearly learning their lessons… see January transfer window

Also what do you mean by football finance is built on greed? Again a big statement and again I disagree when it comes to our club

I would say FFP is built on greed. An established elite trying to entrench their position by stifling any completion and preventing new market entrants to compete with them.

Our owners have done the opposite of greed. They have been charitable. They have written off £60m of money they were personally owed!!.

And as for your anger at football. SWP’s tax bill on his £65k a week is in the region of £1.7 million a year!!!! How many nurses, school teachers and soilders can that help pay for?! I think that’s ****ing brilliant that we have billionaire owners in the game from Russia, Abu Dhabi, Malaysia, and India pumping millions into the game. Yes some individuals benefit greaty but if it wasn’t happening hear it would be Spain or Italy with all this cash sloshing around. But luckily we have hundreds of millions of pounds going into our economy and tax take.

Look at the training ground proposals and the investment in the community. You may be jealous of people earning more money than you but don’t kid yourself it isn’t a good thing for the country

Personally I think you’ve been reading the Guardian, Metro, or Mirror too much. Is angry, would probably get a cheer from champagne socialist or poor thick people but in reality there is no logic and its harmful views. And worst of all its offensive to individuals supporting our club in a most vital way… financially