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

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.

Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

A nap a day could save your life - and here's why

A nap a day could save your life

A midday nap is 'associated with reduced blood pressure'
If men are so obsessed by sex, why do they clam up when confronted with the grisly realities?

If men are so obsessed by sex...

...why do they clam up when confronted with the grisly realities?
The comedy titans of Avalon on their attempt to save BBC3

Jon Thoday and Richard Allen-Turner

The comedy titans of Avalon on their attempt to save BBC3
The bathing machine is back... but with a difference

Rolling in the deep

The bathing machine is back but with a difference
Part-privatised tests, new age limits, driverless cars: Tories plot motoring revolution

Conservatives plot a motoring revolution

Draft report reveals biggest reform to regulations since driving test introduced in 1935
The Silk Roads that trace civilisation: Long before the West rose to power, Asian pathways were connecting peoples and places

The Silk Roads that trace civilisation

Long before the West rose to power, Asian pathways were connecting peoples and places
House of Lords: Outcry as donors, fixers and MPs caught up in expenses scandal are ennobled

The honours that shame Britain

Outcry as donors, fixers and MPs caught up in expenses scandal are ennobled
When it comes to street harassment, we need to talk about race

'When it comes to street harassment, we need to talk about race'

Why are black men living the stereotypes and why are we letting them get away with it?
International Tap Festival: Forget Fred Astaire and Ginger Rogers - this dancing is improvised, spontaneous and rhythmic

International Tap Festival comes to the UK

Forget Fred Astaire and Ginger Rogers - this dancing is improvised, spontaneous and rhythmic
War with Isis: Is Turkey's buffer zone in Syria a matter of self-defence – or just anti-Kurd?

Turkey's buffer zone in Syria: self-defence – or just anti-Kurd?

Ankara accused of exacerbating racial division by allowing Turkmen minority to cross the border
Doris Lessing: Acclaimed novelist was kept under MI5 observation for 18 years, newly released papers show

'A subversive brothel keeper and Communist'

Acclaimed novelist Doris Lessing was kept under MI5 observation for 18 years, newly released papers show
Big Blue Live: BBC's Springwatch offshoot swaps back gardens for California's Monterey Bay

BBC heads to the Californian coast

The Big Blue Live crew is preparing for the first of three episodes on Sunday night, filming from boats, planes and an aquarium studio
Austin Bidwell: The Victorian fraudster who shook the Bank of England with the most daring forgery the world had known

Victorian fraudster who shook the Bank of England

Conman Austin Bidwell. was a heartless cad who carried out the most daring forgery the world had known
Car hacking scandal: Security designed to stop thieves hot-wiring almost every modern motor has been cracked

Car hacking scandal

Security designed to stop thieves hot-wiring almost every modern motor has been cracked
10 best placemats

Take your seat: 10 best placemats

Protect your table and dine in style with a bold new accessory