Latest Accounts Show QPR in £177m Debt as FFP Fines Loom
March 6, 2014
Championship club Queens Park Rangers have an overall debt of £177.1m ($296.1m) and made a £65m ($108.74m) loss it was revealed in their latest accounts.
The figures relating t the year up until May 2013 showed that the west London side spent £41.1m ($68.76m) on transfer fees, ampoule whilst their wage bill increased to £68m ($113.77m) – a figure that is reportedly higher than last year’s Champions League finalists Borussia Dortmund.
The heavy spending did not save QPR from being relegated from the Premier League and the Loftus Road side are in danger of facing sanctions from The Football League in relation to their Financial Fair Play (FFP) regulations.
Championship clubs who lose more than £8m ($13.38m) in 2013-14 will face sanctions such as transfer embargoes or financial fines.
QPR Chairman Tony Fernandes came to west London in 2011 and has since invested heavily to try and establish the club as a Premier League regular.
In an official statement, Fernandes said: “When, alongside my business partners, I purchased a majority shareholding in the club in August 2011, my goal was to turn QPR into an established Premier League club.
“Being relegated was obviously not part of our plans, but our focus and determination to achieve our long-term goals has not diminished.
“We are confident that the 2013-14 season will also see the club continue to make progress towards achieving its short, medium and long-term off-pitch target.”
The club currently sit fourth in the Championship, nine points behind Burnley in the second and final automatic promotion place.
If the club are still in the Championship next season and fall foul of the £8m FFP regulation, they will face a transfer embargo from The Football League.
If promotion back to the Premier League is achieved and their accounts are not in order, they will face a fine.