QPR announce financial loss
QPR could be in a worrying financial position after they reported a loss of £23million for the 11/12 season.
When the Hoops got promoted in 2011 they took a huge risk to guarantee they remained in the Premier League, doubling their wage bill from £29.74million to £58.46million and spending £25million on transfer fees in their first season back in the English top flight.
These figures don’t include any of the players that were bought in during the last two big spending transfer windows, outlays that will be added onto next year’s figures.
Tony Fernandes who owns 66 per cent of the club, lent the Loftus Road outfit a further £38.7 million last season with his fellow shareholders, something which has increased their net debt to £90million, according to The Sun.
If QPR get relegated in May they could be in serious financial trouble, with £20.5million from the latest transfer windows being added on to their debts the loss of Premier League money that would inevitably follow the drop. Clubs that are relegated will receive ‘parachute payments’ of £16million for the first two seasons which will shrink to £8million after, but the club will still have a huge wage bill – putting them in real danger of financial disaster.
The club have refused to comment on the latest figures, but when they announced the losses, Fernandes appeared to dodge the obvious strife his club finds itself in.
“When, alongside my business partners, I purchased a majority shareholding … my goal was to turn QPR into an established Premier League club. This remains my focus,” he said.
Liverpool, West Ham and Aston Villa have also announced substantial losses for last season and they face a battle to sort out their finances before they start to see the consequences on the pitch.