I think the point is that the owners must realise that they have frittered away £60m of their own money. The fact that they have written that off is IMHO of great credit to them. Whether they are stupid to do so is conjecture, but as a fan I'm glad they have. Coupled with the obvious change in approach with Chris Ramsey and no spending in January (as Redcrap frittered all of our transfer funds in the summer) bodes well for the future. Let's just hope we can stay up and then start again next season.
QPR REDUCE LOSSES
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I think the point is that the owners must realise that they have frittered away £60m of their own money. The fact that they have written that off is IMHO of great credit to them. Whether they are stupid to do so is conjecture, but as a fan I'm glad they have. Coupled with the obvious change in approach with Chris Ramsey and no spending in January (as Redcrap frittered all of our transfer funds in the summer) bodes well for the future. Let's just hope we can stay up and then start again next season.
City picked up their massive fine and they have £0 of debt. United have hundreds of millions of pouds of debt and they get no fine. Shows the idiocy of what we are facing
And for the loss of a decimal point...everyone gets the wrong idea
http://www.footymad.net/football-he..._loss_855789/index.shtml?#H7z5cRpw7L0MmlK3.97
£98 million loss in this report
http://www.footymad.net/football-he..._loss_855789/index.shtml?#H7z5cRpw7L0MmlK3.97
£98 million loss in this report
I agree with you on the first point. The second point is doubtful in my mind and the third point is questionable too.
2) If our owners have run the club well in the last 12 months and been able to gamble 60M in the hope of success in the process then it's fairly apparent that there is a way around FFP but the only condition is that it's not the clubs' money/debt that being put up for stake.
3) Do you actually think that SWP pays a full 50% tax? I don't think multimillionaires have accountants just because they don't like filling in the tax return. Do you think that the UK government receives significantly more tax per pound of ordinary taxpayers money because it's gone to Sky and the footballers than if it had been spent in any other, similar, VAT and duty ladened way? You imply that there's money flooding into the UK from these oligarchs. You are right but do you think there's a net gain of cash in the UK due to players bought in versus players sold to clubs outside the UK? Do you think all the mega rich imports keep their money in the UK?
It might be, in answering these, that you're still right but is it as clear and definite as your post makes out it is?
In fact, I'd probably have left it but your last paragraph was so arrogantly condescending that I could help myself.
The donation of funds to clear debt doesn't affect the profit and FFP is purely based on the profit I believe.
Depends whether there was also a write-off of accrued interest owed too, Matt.
I also don't see how clearing the debt can impact the Year's Loss in our case. West London Sport I think it was wrote the Reported loss was after the debt pay -off, which sounded like b*lloks so I didn't copy it here.
Are you suggesting that the shareholders wrote off a third of the debt safe in the knowledge that we're still caught by the short and curlies due to their Wonga style interest rates.
TWGWTDT
Well-Known Member
What? I can tell you one thing Peter which i know a lot more about than you … Business men do not write off £60M … there will other ways to get them the money owed … How can you be so naive .. this is again a challenge to the Football League that in 12 games time we may be in the ****
I don't read any newspapers … that happened yesterday. I am certainly not jealous of money that other people earn.
Proposals cost very little mate
I am coming from a point that it's seems acceptable to lie in the media about writing off money just to escape poor financial management
I totally agree that FFP is built on greed, The money in the game is the problem imo
Greed is the source of my anger in football generally our club's reputation has been spoiled IMO
There are some interesting views on here and I am of the opinion that this is good news for the SHORT TERM and I am also of the opinion that Dave has one hell of a point!
It is alll very well slapping ourselves on the back and sticking two fingers up to the FFP rules, media and any others that like having a pop at us but my concern is how this will really affect our club?
Time will bare this out over the next 3-5 years because we are really looking at two scenario's:-
1) IF we stay up and stay in the prem for at least the next 5 years we will PROBABLY be ok even though we will have to keep on buying players that are not prem quality i.e. from lower leagues or from youth teams to keep transfer & salary costs down . This in itself presents a huge task for any manager to work with unproven players over such a long period; maybe the right man can make this situation work? (at least that what my positive side says).
2) If we go down God help us! As I believe we will be in serious trouble for many years to come simply because we still do not have an infastructure or style of play in place throughout the club and this will take many years to create from lower league football. Which will lead to the sale of the club to next highest bidder in order to salvage these losses.
The reason I believe this is because the TV revenue money will mostly be going back to re-pay and give them a return on investment to the owners and shareholders, I have never seen a business man chuck money down the drain unless they have covered thier backs in one way or another.
My last point is TV money? Seriously how long can we expect this to keep us and many others afloat? The bubble just has to burst sooner rather that later after all we are living in a digital age that are supposedly driving costs down!
It is alll very well slapping ourselves on the back and sticking two fingers up to the FFP rules, media and any others that like having a pop at us but my concern is how this will really affect our club?
Time will bare this out over the next 3-5 years because we are really looking at two scenario's:-
1) IF we stay up and stay in the prem for at least the next 5 years we will PROBABLY be ok even though we will have to keep on buying players that are not prem quality i.e. from lower leagues or from youth teams to keep transfer & salary costs down . This in itself presents a huge task for any manager to work with unproven players over such a long period; maybe the right man can make this situation work? (at least that what my positive side says).
2) If we go down God help us! As I believe we will be in serious trouble for many years to come simply because we still do not have an infastructure or style of play in place throughout the club and this will take many years to create from lower league football. Which will lead to the sale of the club to next highest bidder in order to salvage these losses.
The reason I believe this is because the TV revenue money will mostly be going back to re-pay and give them a return on investment to the owners and shareholders, I have never seen a business man chuck money down the drain unless they have covered thier backs in one way or another.
My last point is TV money? Seriously how long can we expect this to keep us and many others afloat? The bubble just has to burst sooner rather that later after all we are living in a digital age that are supposedly driving costs down!
This.
We operated at one hell of a loss last year. The fact that someone has paid off most of that loss out of their own pocket is neither here nor there.
Don't get your hopes up. It means nothing. Massive fine, points deduction, relegation to lower leagues, transfer embargo, etc, are all still on the cards.
TWGWTDT
Well-Known Member
Exactly this unless the test case turns up a result
The bubble has to burst IMO it's crazy. I said a long while back that we would buy a 15m player soon so us fans can then slag that player off. Look at SWP currently how his wages are used as and when it suits fans … Wait until your Sky packages go up … get a real life
I repeat again how it's acceptable to release this story just to fool the fans
60 million quid like it was nothing when people are struggling is not good and i believe its a lie anyway
Red nose day soon and they will struggle to raise this amount for worth while causes from people who have made real sacrifices to help others and yet QPR can simply write that off … which i don't believe they will. They will just find another way. The figures are bullshit and just a PR campaign IMO
I would also like to let Tony know that I have wriiten off the £500 I invested when Chris Wright floated the Club all those years ago.
I bet one things for sure, you can bet there's a lot of reporters out there today looking in to whether we can do this or not and how they can still bury us. They won't like losing their predicted headlines of QPR to be fined a gazillion pounds.
As stated by others here, Short term this is good news. Longer term we have not escaped the FPP rules and still expect a heavy fine unless the Euro Courts do us a favour.
Whether or not it is the right accounting move to write-off the debt, I'm sure the club's accountants have advised them correctly. One thing the improvement in profitability does is reduce the healthiness of our balance sheet and net worth as a business.
If the stakeholders have written off their loans then that is good news, although they may expect recovery through other means such as dividends or asset sales.
Whether or not it is the right accounting move to write-off the debt, I'm sure the club's accountants have advised them correctly. One thing the improvement in profitability does is reduce the healthiness of our balance sheet and net worth as a business.
If the stakeholders have written off their loans then that is good news, although they may expect recovery through other means such as dividends or asset sales.
TWGWTDT
Well-Known Member
Businessmen can lose £60M
Writing Off £60M by choice never happens and anyone you believes that is naive and a puppet.
I claim again that they have found another way to make figures look better
General reaction from a press story … The reason it's on the BBC … How have they done that? How can they do that?
Nothing positive about this story and the timing coming up near Red Nose day. QPR can afford to write off 60M makes avery negative story and if the club are behind the release then it's stupid
It's a massive own goal and doesn't bluff me
Writing Off £60M by choice never happens and anyone you believes that is naive and a puppet.
I claim again that they have found another way to make figures look better
General reaction from a press story … The reason it's on the BBC … How have they done that? How can they do that?
Nothing positive about this story and the timing coming up near Red Nose day. QPR can afford to write off 60M makes avery negative story and if the club are behind the release then it's stupid
It's a massive own goal and doesn't bluff me
Amazing news. The clubs owners have made some mistakes but have had the good grace to pay for those mistakes themselves rather than saddle the burden onto the club. They didn't have to do that. More importantly the owners have learnt from those mistakes and are doing things differently now, for the benefit of the long term future of the club.
We're lucky to have them IMHO.
We're lucky to have them IMHO.
TWGWTDT
Well-Known Member
Direct quote from the club
"The club's shareholders and directors are of the opinion that the club is moving in the right direction and on track with its mid-term and long-term business plans.
Let that sink in lads…
Take a moment at lunch , have a Gauloises and a Cognac
This news is no more than a t-shirt stick it on
its a joke IMO
"The club's shareholders and directors are of the opinion that the club is moving in the right direction and on track with its mid-term and long-term business plans.
Let that sink in lads…
Take a moment at lunch , have a Gauloises and a Cognac
This news is no more than a t-shirt stick it on
its a joke IMO
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Can you do a t-shirt with the words "it's better to owe sixty million pounds to shareholders than to owe nothing at all"? because that is what you believe...
Deep breaths Dave. The accounts should have been independently verified (audited) and the club haven't written off anything, the shareholders have (although it's sort of to themselves as owners but the club hasn't got that part of the debt if they did a runner).