Losses and debts pile up at Loftus Road as free-spending QPR count the cost
Chairman Fernandes spent £25m on players in his first season to leave club owing £89m
Thursday 07 March 2013
Queen's Park Rangers lost £22.6m during their first season back in the Premier League, it was revealed.
Although that figure, published in the accounts for QPR Holdings Limited, was £3m down on their final season in the Championship, turnover soared from £16m to £64m. Debt is up from £56m to £89m. The accounts cover Tony Fernandes's first season as chairman. In his statement with the accounts he said: "When, alongside my business partners, I purchased a majority shareholding in August 2011 my goal was to turn QPR into an established Premier League club.
"This remains my focus and I continue to work closely with Amit Bhatia and other shareholders to make this a reality. Under the guidance of our new manager, Harry Redknapp, we are hopeful that the club will secure their Premier League status. We are confident that the 2012-13 season will also see the club continue to make progress towards achieving their short, medium and long-term off-pitch targets."
The deficit for the 2011-12 season was in part due to spending £25m on new players and the club face another big loss this season having splashed out more than £30m on signings in the last two transfer windows.
Last season they brought in Djibril Cissé and Bobby Zamora for £4m each in the January window while this winter Christopher Samba (£12m) and Loïc Rémy (£8m) arrived at the Premier League's bottom club.
The accounts for 2011-12 showed the huge gulf between life in the Premier League and the Championship.
QPR's wage bill – covering all employees including administrative staff – almost doubled from £26m to £51m. Ticket revenue per game is also up from £232,000 to £405,000.
Fernandes added that the club – who are four points from safety in the Premier League with 10 games to go – are continuing to look for a site for a larger stadium.
Latest in Sport
Chelsea vs Manchester United player ratings: Match-winner Eden Hazard leads the way, but Radamel Falcao endures game to forget
Chelsea 1 Manchester United 0: Eight things we learnt as Blues step closer to the Premier League title
Floyd Mayweather vs Manny Pacquiao: Where are the tickets for the fight?
Chelsea transfer news: Jose Mourinho plays down news signings Nathan and Yoshinori Muto but talks up Ruben Loftus-Cheek
Arsenal transfer news: Mikel Arteta needs 'five minutes' to sign new contract and remain with the Gunners
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate