What the bloody hell is happening? There was an interesting and dare I say it, much more informative article about it in the Middlesboro fanzine than anything else I have seen. Apparently a deal has been agreed to limit the fine to 8 million. When I have a moment, I'll pdf it and attch it.
FFP
- Thread starter YorkshireHoopster
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A good question. Motor-mouth Tone has clammed up. The arbitration is over. He could have shared with fans a bit more than he has on this important issue for the club imo.
What does this mean for us.
https://www.fourfourtwo.com/news/bournemouth-settle-financial-dispute-efl
Under £5million settlement....what were they fined? Anyone know
https://www.fourfourtwo.com/news/bournemouth-settle-financial-dispute-efl
Under £5million settlement....what were they fined? Anyone know
I think they sat back and watch us take the stick and contest it.
Bournemouth have settled their dispute with the English Football League over an alleged breach of Financial Fair Play rules in 2014-15.Bournemouth have paid £4.75million to settle a dispute with the English Football League over the club's financial results in the 2014-15 season before their Premier League promotion.The EFL claimed that Bournemouth breached its Financial Fair Play rules at the time but the dispute was paused while those rules were subjected to a legal challenge by Queens Park Rangers.
Read more at https://www.fourfourtwo.com/news/bournemouth-settle-financial-dispute-efl#6d4JzqTYkoFV6zQg.99
So going back it looks as though the paid about half the original fine (the below is fom May 2016)
Bournemouth will have to pay a fine of £7.6m after they broke Financial Fair Play (FFP) rules on their way to securing promotion to the Premier League last season.
Clubs are allowed a 'maximum deviation' of £6m per season without punishment under the FFP agreement but the Cherries posted a £38.3m loss in 2014/15 as they won the Sky Bet Championship. The was an increase from a loss of £10.3m the previous season, predominantly due to player and staff wages, which rose to £30.4m, a figure more than double the club's turnover of £12.9m.
Interesting, I thought they had to be in the EFL to have the fine inforced...but Bmouth have remained in the Premier league. So are they paying to get out the way...
Can anyone shed any light
Bournemouth have settled their dispute with the English Football League over an alleged breach of Financial Fair Play rules in 2014-15.Bournemouth have paid £4.75million to settle a dispute with the English Football League over the club's financial results in the 2014-15 season before their Premier League promotion.The EFL claimed that Bournemouth breached its Financial Fair Play rules at the time but the dispute was paused while those rules were subjected to a legal challenge by Queens Park Rangers.
Read more at https://www.fourfourtwo.com/news/bournemouth-settle-financial-dispute-efl#6d4JzqTYkoFV6zQg.99
So going back it looks as though the paid about half the original fine (the below is fom May 2016)
Bournemouth will have to pay a fine of £7.6m after they broke Financial Fair Play (FFP) rules on their way to securing promotion to the Premier League last season.
Clubs are allowed a 'maximum deviation' of £6m per season without punishment under the FFP agreement but the Cherries posted a £38.3m loss in 2014/15 as they won the Sky Bet Championship. The was an increase from a loss of £10.3m the previous season, predominantly due to player and staff wages, which rose to £30.4m, a figure more than double the club's turnover of £12.9m.
Interesting, I thought they had to be in the EFL to have the fine inforced...but Bmouth have remained in the Premier league. So are they paying to get out the way...
Can anyone shed any light
Maybe they are just paying it while they can afford it
Won't be on the books should they drop
Won't be on the books should they drop
May be they have more sense/prudence than ego - our Tone? No. he's a brilliant entrepreneur. In his own opinion.
ITK or just an old gossip? I'd take that if true. If so you are in fact the man who delivered the good news first and will have assumed messianic status in my eyes. How about Messi signing for a free as well because he fancies a new challenge and wants to give something back to the game. We will probably give him more enjoyment and satisfaction in a job well done than Argentina ever did
Sorry chaps, I had to remove RTID's post as a request from the club. QPR don't want anything said about this until the official press release tomorrow at 11am.
Queens Park Rangers accept transfer ban
Matt Hughes, Deputy Football Correspondent | Gary Jacob
July 27 2018, 12:01am,
The Times
McClaren will be hindered by a transfer embargo during January’s window
Queens Park Rangers have reached a £41.965 million settlement with the EFL over breaching its spending limits and accepted a transfer embargo for January next year in an agreement that brings their four-year legal battle to a close.
The Times understands that the Championship club will pay a £17 million fine to the EFL over a ten-year period, contribute £3 million to cover the EFL’s legal costs and convert £21.965 million of outstanding loans into equity.
QPR were ordered to pay a fine of about £40 million last year for failing to comply with the EFL’s Financial Fair Play rules during the 2011-12 season, when they were promoted to the Premier League, with an arbitration panel ruling that levying a world-record fine for a rule breach by a sporting organisation was lawful and not disproportionate.
The club immediately announced their intention to appeal and a date was set for a hearing in front of a new panel in London this month, but after intensive negotiations, QPR have withdrawn their appeal.
Under the terms of the settlement, QPR’s payments to the EFL will not be taken into account when calculating their future Profitability and Sustainability results, the measure of a club’s financial health that replaced FFP at the start of the 2016-17 season as an alternative way of countering potentially unsustainable levels of spending.
QPR’s owners will not be permitted to take the £21.965 million out of the club and a ten-year payment schedule has been agreed for settling the fine.
QPR can claim to have succeeded in reducing the level of the fine, but with the mandatory conversion of loans into shares, the dispute will still cost the owners almost £42 million.
In addition Steve McClaren, the new manager, will be hindered by a transfer embargo during January’s window, which is likely to lead to a flurry of activity during the rest of the summer by the west London club.
QPR’s settlement was discussed at an EFL board meeting in London yesterday with their decision to withdraw their appeal ending several legal battles between the EFL and clubs recently promoted to the Premier League.
Bournemouth and Leicester City agreed to pay fines of £4.75 million and £3.1 million respectively this year for posting losses of £38.3 million and £20.8 million during their promotion seasons.
QPR’s case was more complex as the club’s owners wrote off £60 million in an attempt to avoid a huge fine for breaching FFP regulations. The club believed that they had got round the regulations after declaring an annual loss of only £9.8 million after promotion from the Championship in 2013-14, but the EFL took issue with the £60 million income injection that QPR classed as an “exceptional item” in their accounts, and considered their real loss to be £69.7 million.
The EFL has been determined to uphold its sustainability rules throughout the process while also being conscious of the need to avoid putting QPR under so much financial pressure that the club’s future could be threatened.
Matt Hughes, Deputy Football Correspondent | Gary Jacob
July 27 2018, 12:01am,
The Times
McClaren will be hindered by a transfer embargo during January’s window
Queens Park Rangers have reached a £41.965 million settlement with the EFL over breaching its spending limits and accepted a transfer embargo for January next year in an agreement that brings their four-year legal battle to a close.
The Times understands that the Championship club will pay a £17 million fine to the EFL over a ten-year period, contribute £3 million to cover the EFL’s legal costs and convert £21.965 million of outstanding loans into equity.
QPR were ordered to pay a fine of about £40 million last year for failing to comply with the EFL’s Financial Fair Play rules during the 2011-12 season, when they were promoted to the Premier League, with an arbitration panel ruling that levying a world-record fine for a rule breach by a sporting organisation was lawful and not disproportionate.
The club immediately announced their intention to appeal and a date was set for a hearing in front of a new panel in London this month, but after intensive negotiations, QPR have withdrawn their appeal.
Under the terms of the settlement, QPR’s payments to the EFL will not be taken into account when calculating their future Profitability and Sustainability results, the measure of a club’s financial health that replaced FFP at the start of the 2016-17 season as an alternative way of countering potentially unsustainable levels of spending.
QPR’s owners will not be permitted to take the £21.965 million out of the club and a ten-year payment schedule has been agreed for settling the fine.
QPR can claim to have succeeded in reducing the level of the fine, but with the mandatory conversion of loans into shares, the dispute will still cost the owners almost £42 million.
In addition Steve McClaren, the new manager, will be hindered by a transfer embargo during January’s window, which is likely to lead to a flurry of activity during the rest of the summer by the west London club.
QPR’s settlement was discussed at an EFL board meeting in London yesterday with their decision to withdraw their appeal ending several legal battles between the EFL and clubs recently promoted to the Premier League.
Bournemouth and Leicester City agreed to pay fines of £4.75 million and £3.1 million respectively this year for posting losses of £38.3 million and £20.8 million during their promotion seasons.
QPR’s case was more complex as the club’s owners wrote off £60 million in an attempt to avoid a huge fine for breaching FFP regulations. The club believed that they had got round the regulations after declaring an annual loss of only £9.8 million after promotion from the Championship in 2013-14, but the EFL took issue with the £60 million income injection that QPR classed as an “exceptional item” in their accounts, and considered their real loss to be £69.7 million.
The EFL has been determined to uphold its sustainability rules throughout the process while also being conscious of the need to avoid putting QPR under so much financial pressure that the club’s future could be threatened.
At least it's drawing to a close.
Very rare to get any decent buys in January anyway.
Would the embargo cover loans anyone know?
Very rare to get any decent buys in January anyway.
Would the embargo cover loans anyone know?
It lances the boil. Pretty much a cave-in by the club it seems to me. Mclaren will have to get his transfer work done early, but if we have injuries by Christmas...
There was never going to be a ‘pretty’ closure to this ridiculous process. FFP is laughable and welcomes smart ‘players’ to bend the rules just as the top clubs in the EPL do. We knew the rules, we flouted them and got caught. There’s a sorry mess sorted out and we are paying for it for the near, and long-term, future now.
Can’t help feeling a little sickened that other clubs who seem to have gone over by £30-£40m are paying significantly less amounts - but perhaps more due to my lesser understanding of the ‘rules’. Time to move on I guess.
I look forward to reading the official statement on our position to the agreement.
As mentioned, January isn’t usually the most productive, or best, period for transfers.
Can’t help feeling a little sickened that other clubs who seem to have gone over by £30-£40m are paying significantly less amounts - but perhaps more due to my lesser understanding of the ‘rules’. Time to move on I guess.
I look forward to reading the official statement on our position to the agreement.
As mentioned, January isn’t usually the most productive, or best, period for transfers.
Wait for the offy to announce. It is probably going be at 11.00
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