QPR post £9.8m loss as £60m is written off
QPR have reported a loss of £9.8m for the year ending May 2014.
Rangers lost £69.8m but the club’s owners, fronted by chairman Tony Fernandes, say they have written off £60m of shareholder loans.
This has enabled the club to post a vastly reduced loss compared to the £65.4m loss reported in the year to May 2013 after they were relegated.
It also means QPR’s overall debt as of May 2014 stands at £186.9m rather than £246.9m.
The club has since been promoted back to the top flight and insist they are in a position to bring losses down over the coming years.
“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,” Rangers announced in a statement.
“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.”
The Football League is expected to state QPR’s Financial Fair Play position within the next week.
If the figures announced by Rangers are ratified they would be face a much smaller fine than the one anticipated if losses were comparable to 12 months ago.
Follow West London Sport on Twitter
Find us on Facebook
