Queens Park Rangers’ financial predicament was laid bare yesterday when accounts exposed the full extent of losses last season, including a wage bill of £75.4 million, which was almost double the club’s £38.7 million turnover.
While the club announced an annual loss of £9.8 million last month, The Times revealed that the true figure was almost £70 million. Tony Fernandes, the chairman, and his fellow owners had written off £60 million in loans and that figure had been transferred to profit and loss as an “exceptional item”.
Lawyers for the Football League and QPR continue to argue over that piece of accountancy. If the League decides that it is not permissible under Financial Fair Play rules, QPR face a fine of about £50 million. More than three months after the accounts were first seen by the Football League, no ruling has been made. QPR say that they will fight any attempt to impose a penalty.
The accounts for QPR Holdings for 2013-14 show that the wage bill across the whole club, including non-playing staff, dropped by just £3.6 million from £78 million, when the club were relegated to the Sky Bet Championship for 2013-14. Yet turnover fell from £60.6 million to £38.7 million.
The accounts show that shareholders pumped in another £57.4 million and, despite the £60 million loan write-off, net debt actually rose to £179.6 million. The return to the Barclays Premier League will bring a significant increase in turnover in the next accounts but, standing 18th in the division, QPR face another drop in their yo-yo existence.
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