Not comfortable reading http://www.scribd.com/doc/210939627/QPR-2013 In a nutshell we spent twice what we earned, but I've not had time to read them properly
Grim reading. How long more can those type of losses be sustained? I would love to see the business plan and projections. Tony & co can't keep pumping money into a black hole for ever.
£65m loss for the year, net debt a figure too scary to repeat, players valued at £46m, f**king wage bill for the 107 people who worked at the club £78m. Without the TV money from the Prem figures for the current year may well be even worse. Repeatedly stated that the figures reflect the teams performance and how important a return to the Prem is. We are totally dependent on Fernandes and Mittal to continue funding the club. which is patently not a going concern, or anything near it. I don't want to think about what FFP may mean in this context, if the current owners lose interest (and honestly who can blame them) the only way out is for them to sell the club for a nominal sum and write off the debt to themselves, they can only even dream about getting their cash back over a very long period indeed. Ouch. Essentially they took a massive gamble and lost, and are now playing double or quits, with a positive result dependent on Redknapp and the players delivering. How they can even think about training grounds and stadiums in these circumstances is beyond me, and an impressive testament to their commitment.
http://www.telegraph.co.uk/sport/fo...avoid-relegation-from-the-Premier-League.html A transfer embargo, if true would be a complete disaster seeing as we have 16 players out of contract.
How somebody can run a successful and profitable airline on the one hand and run QPR and Caterham in the way he does mystifies and scares me.
Before people start having a go at Fernandes, he and his fellow shareholders put £39m into the club in 2011-12 and £72m in 2012-13. Doubtless they will be putting akin to the latter figure in this year too. An FFP fine of £47m (apparently to be given to charity.....) and transfer embargo etc seems to be a way for the Football League to obliterate one of its members and put ambitious, wealthy people like Fernandes off ever getting involved in the game. Legal challenge inevitable, nearly half of the Championship teams on board with this apparently.
I think he justifies it to himself as effective marketing for AirAsia, Tune Hotels etc, but in reality Caterham is a hobby that he is getting bored of and he has let his heart rule his head with QPR. We have to hope that his pride and passion keep him committed to it, because we are truly screwed if he walks away.
Only thing is we are in a very unique position with our loan players. So we have a few quid out there with Remy, Granero, Taraabt, Mbia et al but what will be inexcusable is that they could and should have either played for us or looking at the figures been sold! Only QPR could be in this position!!!!
West London Club ... nought to worry about IMO Lets hope we can get decent money on Adel and Remy ... also should of played Cesar in a shop window. France V Brazil World Cup final please with Remy scoring the winner
This is grim news but not very surprising in my opinion. This link takes you to a page about this story with words apparently from our man uncle Tony regarding the loss. http://www.clubcall.com/championship/qpr-chief-remains-upbeat-despite-losses-1716088.html? Tony says we are still on track with our/his short, medium and long term goals for QPR to becoming an established prem club. I still think we are a long way off tbh.
Queens Park Rangers announce £65m loss in 2013 accounts That will wipe the smile off Tony's face, but likely everyone knew what was coming here, so no real surprise. Hopefully his airlines are turning profits, because like QPR, Caterham isn't likely helping his financial cause either. please log in to view this image http://www.bbc.com/sport/0/football/26468560 Championship side Queens Park Rangers made a loss of over £65m in their accounts for the year to May 2013. QPR spent £41.4m on transfer fees and saw their wage bill increase by almost £17m to £68m in an attempt to avoid relegation from the Premier League. The Loftus Road side's overall debt increased to £177.1m, up from £91.4m in the 2012 accounts. Championship clubs losing more than £8m in 2013-14 will be subject to sanctions under Financial Fair Play (FFP) rules. QPR finances 2012-13 â¢Overall loss: £65.4m (up from £22.6m in 2011-12 accounts) â¢Turnover: £60.6m (down from £64m) â¢Salary bill: £68m (up from £51.3m) â¢Number of playing, coaching & support staff: 107 (up from 84) â¢Overall club debt: £177.1m (up from £91.4m) QPR Holdings Limited posted their accounts with Companies House earlier this week. "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," QPR chairman Tony Fernandes wrote in his statement. "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." During the accounting period, the number of players, coaches and support staff on the club's books swelled from 84 to 107. Rangers bolstered their squad under manager Mark Hughes in the summer of 2012 and, after the Welshman was sacked in November that year, more money was made available to his successor Harry Redknapp in the January 2013 transfer window. âBeing relegated was obviously not part of our plans, but our determination to achieve our long-term goals has not diminishedâ Tony Fernandes QPR chairman The big-money, high-wage arrivals included Julio Cesar, Park Ji-Sung, Estaban Granero, Jose Bosingwa, Christopher Samba and Loic Remy, but it made no difference as they dropped out of the top flight. Rangers have since off-loaded those six players and others in an effort to cut their wage bill. Following their relegation in May, Malaysian entrepeneur Fernandes claimed he had been "exploited" since he took over at Loftus Road, and the club is now under pressure to try and avoid an FFP rules penalty. Rangers are currently fourth in the Championship, but have little chance of closing a 17-point gap on leaders Leicester with only 14 games still to play, and are nine points adrift of Brunley, who currently occupy the other automatic promotion place. Any team remaining in the second tier that falls foul of FFP rules will be subject to a transfer embargo until they can prove their financial results are in line with the regulations, while a team promoted to the top flight will be subject to a fine, which is operated on a sliding scale. Fernandes, who also owns AirAsia and is team principal of the Caterham Formula 1 team, completed his takeover of QPR in 2011. The 49-year-old has plans to build a new training ground at Warren Farm in Ealing and in December the club unveiled proposals for a new 40,000-seater stadium in a development at Old Oak Common.
Nobody wanted to buy them at a price we considered fair/on a contract they would accept. I'm sure we were trying. I wish I could be so confident. The overall debt is £177m, selling these blokes will only put a small dent in that. If we do get promoted, hypothetical £47m fine aside, will we invest another £40m plus in new players? If we don't go up, hypothetical transfer embargo ignored, will Tony put the spending brakes full on or will he roll the dice again and pray we make it next year. The West London mark, the branding across his group etc all have value but £177m worth? Only, possibly, in the Prem.....with some marquee players. This will get worse before it gets better........I'm an admirer of TF, hope he knows what he's doing, he's already way past the point I'd have bailed out. Screwed by 'football people'.
Economics of the madhouse. In a nutshell we're a basket-case and if we don't go up don't bank on TF hanging around...
Our wages are higher than Dortmund's. A team who reached the CL final. Thats what you get when you only get old players and "frees" and thats why we have to dump players like 40k green who everyone wants back. Its a disgrace. We have to have a massive clear out, we have no other choice.
Have to say the amount of debt is eye watering, but form a business perspective it's the day to day costs that get the attention......the salaries are not even covered by the total income from all sources for the year....utter madness.....I suspect that the 107 playing side staff would be the total for the year and includes all the comings & goings between Hughes and his entourage and Harold with his, but 80 odd staff on the playing side, it must almost be 1 to 1 ratio of players to coaches etc...... It's scarry that TV income represents almost 70% of turnover, I know Sky buggers up normal arrangements but it is clear that we can not do without that money, so I will not moan again if they change ko, in fact if they wish they show all our games for the rest of the season because we need the money.... Also noticed that there were a huge amount of trade creditors unpaid at year end and a substantial amount due to the tax man....... Hope TF and the Mittals had a strong drink in their hands when they signed those accounts because they do not make pleasant reading....there is no way of trading out of that position, most likely that the debt will be written off in the same way as Abramovich did with Chelsea......
The thing is, we've been breaking the bank on worse than average players who I wouldn't even want on half their wages.
I know it's only a drop in the ocean, but those figures include the fee paid for Samba, and not the fee received for his sale. The club did a massive job over the summer clearing away a lot of the big earners. Not saying this years numbers should look bright, but all things considered it shouldn't be much worse than this year, including loss of income from the Prem.
I don't really understand how we can owe any tax.....I think you are right Tramore, the only way forward is to get the new stadium and the club in a stable trading position, and write the debt to shareholders off. I struggle to see how any money will be made out of the football side of the business, unless we suddenly create genius youngsters and sell the for massive fees. A multi purpose stadium might bring some income, but I really think the only value in this for TF is running a break even premiership club (I think we'd have to spend our Sky windfall staying there) and getting the cross brand marketing benefits. Its a mugs game.
