'QPR lost £474k a week pre tax in 2021/22 reports Kieran Maguire.
This took QPR total losses over the years to £332 million.
Losses covered by a combination of shares issued to owners and loans.
In terms of cash, QPR spent £20m more than it generated in 2021/22, this was
funded by borrowings from owners.
Total revenue up over £7m mainly due to fans returning to matches post Covid.
Wages were up 10% mainly due to increase in playing staff. Wages are £124 for
every £100 of income.
QPR bought players for £2.8m and had sales of £250k. Also spent £8.5m on
new training ground.
QPR owe almost £6m to EFL for Covid loans, £10.2m on FFP settlement, £68m
on loans and £2.1m on player transfer instalments.
New investor Richard Reilly now owns 12% of QPR.
QPR badly need a new stadium to generate income.'
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Steve Russell
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Steve Russell
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Re: From the 'Political Economy of Football'
Dave Mc for West London Sport.....
QPR lost almost £25m after failed promotion attempt
By David McIntyre 01/03/2023
QPR have reported an annual loss of almost £25m – largely the result
of gambling in vain on promotion last season.
The club’s holding company’s audited accounts for the year ended 31 May 2022
show a loss of approximately £24.7m for the 2021-22 season. That is a loss of
around £474,000 per week.
The alarming figure represents a steep rise from the £4.1m loss posted for the
previous financial year.
It appears to seriously undermine the image Rangers have sought to portray; one
of a club that has learned from past financial mistakes and been focused on steady
progress and reducing losses.
The smaller loss for the year ended 2021 is largely because of the sale of Ebere Eze
to Crystal Palace.
It was initially hoped that sale would herald an era of sustainability, achieved through
developing and ultimately selling players for a profit.
However, an excellent run during the second half of the 2020-21 campaign, when QPR,
then managed by Mark Warburton, struggled badly before a major upturn, led to
a belief that promotion the following year was achievable.
That upturn was largely inspired by the loan signings of Stefan Johansen, Charlie Austin,
Sam Field and Jordy de Wijs, who were all signed on permanent deals in the summer
of 2021.
Over the course of the year, QPR bought players for £2.8m and sold for just £250,000
during the same period, while wages rose by around 10%.
The club also dismissed enquires about the likes of Ilias Chair in the belief that reaching
the Premier League was a realistic ambition.
That approach initially seemed to be vindicated and Rangers were in the thick of
the promotion race.
However, a spectacular decline in results led to them sliding down the table and
Warburton losing his job.
In short, the gamble did not pay off.
“The increase in losses is mainly due to the decision to retain players and not to be
active in player sales in the 21/22 season as the club focused on challenging for a
play-off position,” admitted QPR chief executive Lee Hoos.
“For the season 20/21, the club posted a player-trading profit of £17.7m, which
resulted in the lower losses that season.”
QPR’s losses continue to be covered by a combination of shares issued to the club’s
owners and directors’ loans from them.
Ruben Gnanalingam has been the majority shareholder since Tony Fernandes’ involvement
was reduced – he owns just over 51%, while Fernandes and Kamarudin Meranun jointly
have a 27% stake.
Meranun stepped down from the board in May last year. American Richard Reilly, who
joined the board three months before that, currently has a 12% shareholding.
The Mittal Family – represented by club chairman Amit Bhatia – hold
a 10% stake.
Hoos added: “As ever, we are grateful to our shareholders for their continued
financial support of the club.”
QPR lost almost £25m after failed promotion attempt
By David McIntyre 01/03/2023
QPR have reported an annual loss of almost £25m – largely the result
of gambling in vain on promotion last season.
The club’s holding company’s audited accounts for the year ended 31 May 2022
show a loss of approximately £24.7m for the 2021-22 season. That is a loss of
around £474,000 per week.
The alarming figure represents a steep rise from the £4.1m loss posted for the
previous financial year.
It appears to seriously undermine the image Rangers have sought to portray; one
of a club that has learned from past financial mistakes and been focused on steady
progress and reducing losses.
The smaller loss for the year ended 2021 is largely because of the sale of Ebere Eze
to Crystal Palace.
It was initially hoped that sale would herald an era of sustainability, achieved through
developing and ultimately selling players for a profit.
However, an excellent run during the second half of the 2020-21 campaign, when QPR,
then managed by Mark Warburton, struggled badly before a major upturn, led to
a belief that promotion the following year was achievable.
That upturn was largely inspired by the loan signings of Stefan Johansen, Charlie Austin,
Sam Field and Jordy de Wijs, who were all signed on permanent deals in the summer
of 2021.
Over the course of the year, QPR bought players for £2.8m and sold for just £250,000
during the same period, while wages rose by around 10%.
The club also dismissed enquires about the likes of Ilias Chair in the belief that reaching
the Premier League was a realistic ambition.
That approach initially seemed to be vindicated and Rangers were in the thick of
the promotion race.
However, a spectacular decline in results led to them sliding down the table and
Warburton losing his job.
In short, the gamble did not pay off.
“The increase in losses is mainly due to the decision to retain players and not to be
active in player sales in the 21/22 season as the club focused on challenging for a
play-off position,” admitted QPR chief executive Lee Hoos.
“For the season 20/21, the club posted a player-trading profit of £17.7m, which
resulted in the lower losses that season.”
QPR’s losses continue to be covered by a combination of shares issued to the club’s
owners and directors’ loans from them.
Ruben Gnanalingam has been the majority shareholder since Tony Fernandes’ involvement
was reduced – he owns just over 51%, while Fernandes and Kamarudin Meranun jointly
have a 27% stake.
Meranun stepped down from the board in May last year. American Richard Reilly, who
joined the board three months before that, currently has a 12% shareholding.
The Mittal Family – represented by club chairman Amit Bhatia – hold
a 10% stake.
Hoos added: “As ever, we are grateful to our shareholders for their continued
financial support of the club.”