Queens Park Rangers’ financial woes have intensified after latest accounts show that the club’s holding company recorded a £45.7 million loss last season despite having the benefit of Premier League television income.
The club’s net debt, mainly in the form of loans from shareholders, has risen to £193 million and that they were relegated last season — with little prospect of winning promotion back to the Barclays Premier League this campaign — means there are few signs of an end to their struggles.
The financial results for QPR Holdings Ltd were registered at Companies House yesterday and are in stark contrast to those posted by Burnley, the Sky Bet Championship leaders, who were also relegated last season but who made a profit of more than £30 million, one of the highest in the top flight, where they played in the last campaign.
QPR’s accounts confirm that the club are still embroiled in legal action against the Football League, fighting a potential fine of up to £58 million if they are judged to have breached its financial fair play rules in the 2013-14 season.
QPR earned £65.9 million from Premier League TV money last season, which contributed to overall turnover of £85.8 million, but £38.8 million spent on players and a hefty wage bill of £72.9 million meant another heavy loss for the club.