This is as bad as the ABC loan fiasco, eye-watering interest rates that are higher than credit card rates...
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QPR's Finances
- Thread starter Sooperhoop
- Start date
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Total Soccer Growth Sdn Bhd is Ruben Gnanalingam's, so it's in-house. Why the loan at extortionate rate? May be it's a tax effective way of getting funds back to Gnanalingham.
A past announcement:
QPR announce restructure to shareholders
By PA Sport
Last Updated: 09/06/16 3:44pm
Tony Fernandes' ownership stake has been reduced to 55 per cent
QPR have restructured the club's shareholders to reflect the more hands-on roles of co-chairmen Tony Fernandes and Ruben Gnanalingam.
Fernandes' stake has been reduced from 69 per cent to 55 per cent with a new shareholder, Gnanalingam's Total Soccer Growth Sdn Bhd, now owning a 33 per cent stake.
"Queens Park Rangers Football Club can confirm a change in the shareholding structure of QPR Holdings Limited, to reflect co-chairmen Tony Fernandes and Ruben Gnanalingam's more active roles in the club," said a statement on the club's official website.
"QPR Asia Sdn Bhd's share, a Tony Fernandes controlled company, has changed from 69% to 55%.
"New shareholder Total Soccer Growth Sdn Bhd, which represents Gnanalingam, now has a 33% shareholding.
"Sea Dream Ltd's shareholding, which represents the Mittal Family, has changed from 30% to 11%.
"There remains a less than 1% minority interest shareholding. These changes will be submitted to Companies House."
Gnanalingam has been a major shareholder in the club since Fernandes became chairman in 2011 and was named co-chairman in June 2015.
Fernandes completed his takeover of the club when he bought out previous majority shareholders Flavio Briatore and Bernie Ecclestone in August 2011.
A past announcement:
QPR announce restructure to shareholders
By PA Sport
Last Updated: 09/06/16 3:44pm
You must log in or register to see images
Tony Fernandes' ownership stake has been reduced to 55 per cent
QPR have restructured the club's shareholders to reflect the more hands-on roles of co-chairmen Tony Fernandes and Ruben Gnanalingam.
Fernandes' stake has been reduced from 69 per cent to 55 per cent with a new shareholder, Gnanalingam's Total Soccer Growth Sdn Bhd, now owning a 33 per cent stake.
"Queens Park Rangers Football Club can confirm a change in the shareholding structure of QPR Holdings Limited, to reflect co-chairmen Tony Fernandes and Ruben Gnanalingam's more active roles in the club," said a statement on the club's official website.
"QPR Asia Sdn Bhd's share, a Tony Fernandes controlled company, has changed from 69% to 55%.
"New shareholder Total Soccer Growth Sdn Bhd, which represents Gnanalingam, now has a 33% shareholding.
"Sea Dream Ltd's shareholding, which represents the Mittal Family, has changed from 30% to 11%.
"There remains a less than 1% minority interest shareholding. These changes will be submitted to Companies House."
Gnanalingam has been a major shareholder in the club since Fernandes became chairman in 2011 and was named co-chairman in June 2015.
Fernandes completed his takeover of the club when he bought out previous majority shareholders Flavio Briatore and Bernie Ecclestone in August 2011.
New shareholder Total Soccer Growth
its bloody football
its bloody football
To summarize from Niall Rogers lovely tweet feed
We made a gross profit...2.7mill....Revenue up.
Cost of players, salary and backroom down by 10 million,wage bill therefore down
The gate receipts are down...but fans are spending more at club
The loan from Ruben G has cost as 5.9 mill But I think this interest has been converted into shares, which is why Ruben is getting a bigger shareholder. By this means he leant us more money
Wages to turnover is now 56%very healthy....compared to nearly 200% when Arry was here.
Players sales were in profit.
We have some money accountable in construction which has to be preproduction costs at one of old oak common, Warren farm or the linford Christie.
Bottom line everything worked out loss of 6 mill, which is obviously within FFP
Other bottom line..this is a remarkable turnaround..and accounts for what has been happening at the club..
Obviously we have the FFP elephant in the room hanging over us that could still destroy us totally...but at this moment we are appearing to be a well run club.
Well done QPR board but I expect this is down to Lee Hoos....Tony F best signing
We made a gross profit...2.7mill....Revenue up.
Cost of players, salary and backroom down by 10 million,wage bill therefore down
The gate receipts are down...but fans are spending more at club
The loan from Ruben G has cost as 5.9 mill But I think this interest has been converted into shares, which is why Ruben is getting a bigger shareholder. By this means he leant us more money
Wages to turnover is now 56%very healthy....compared to nearly 200% when Arry was here.
Players sales were in profit.
We have some money accountable in construction which has to be preproduction costs at one of old oak common, Warren farm or the linford Christie.
Bottom line everything worked out loss of 6 mill, which is obviously within FFP
Other bottom line..this is a remarkable turnaround..and accounts for what has been happening at the club..
Obviously we have the FFP elephant in the room hanging over us that could still destroy us totally...but at this moment we are appearing to be a well run club.
Well done QPR board but I expect this is down to Lee Hoos....Tony F best signing
Yes, club being run as a proper business now which must be thanks to Lee Hoos. Mid table in the Championship would be no mean feat with all the change and cost-cutting going on. Look at what has happened to the likes of Sunderland, Birmingham, Blackburn, Wigan, Portsmouth for example.
Thanks Beth. Great summary and certainly explains the pain we are going through at present. It really does appear we should be grateful not to be in League 1 already but I guess that's not how fans think - we just want the success.
Given that the EFL insist that the fine has to be paid by the club and not the owners, the process of appeals etc makes sense since it gives more time to get the house in order which we do seem to be doing.
Here's hoping for progress over the next few years and from a sustainable base.
It is excellent news! Well done to all involved!
I don't want to seem negative, but the concerns for the future are:
- still need to resolve the FFP issue
- the parachute payments will be diminishing after the next year to zero
- "We" (the Club or owners) need to build a sustainable "profitable" long term business model (perhaps develop youth value & sell, plus real estate development?)
We clearly are going in the correct direction both off and on the pitch!
I feel obliged to make my customary comment when Hoos is given all the credit for getting the club's finances in order. Whilst Hoos has undoubtedly had a positive impact, I feel Ferdinand deserves more of the credit. I suspect that Hoos will have responsibility for maximising revenues (as much as is possible) and controlling overheads, but the budget for players' wages and net transfer fees will be Sir Les's domain. Much tougher in my opinion.
Stroller...It's team work each doing their job to the best of their ability.
Not decrying Hoos, SLF or Ollie.
Each of them have a job...and they are ALL. doing their jobs to the best of their ability at the moment...
It is all ok
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You are right Stroller..., I was a bit overnthe top on the Hoos praise...It is team work..they each have their own roles...
I do not know who is leading... suspect they are all working towards a common cause...
At the moment they are all working well in their own sphere...the club is trying...
Long may it continue...
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TF and Ruben have effectively handed over the running of the club to Hoos. He's now the Chairman and CEO.
A lecturer from Liverpool Uni who writes about football and its finances has done an article on us today ...
http://priceoffootball.com/qpr-boys-dont-cry/
http://priceoffootball.com/qpr-boys-dont-cry/
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This paragraph near the end:
"If the Football League is successful, then the FFP fine will be paid to charities. Whilst the club would struggle to pay such a large sum, the owners are billionaires, and one would hope they would settle the bill, as it was there decision to ignore FFP initially that caused the dispute."
He seems to imply the owners can pay the fine but then he can't get his 'there' and 'their' correct so maybe suspect! Interesting anyway and thanks for posting.
I think it's fair to say that there will be another season of severe restriction on spending to hit the target by the end of the parachute payments. With so much dosh sloshing about from the new deal parachute payments and more clubs receiving it in the next few years we are facing a tough job just staying in the Championship. New stadium? New training ground? Don't hold your breath...
He is a very nice bloke Lee Hoos
I wasn’t sure he was going to stay as he looked surrounded by a real mess when I went there