Independent Rs Messageboard

[Steve Russell]

As reported by 'The Real EFL' website.
Queen's Park Rangers Record Huge Losses Of £400K-Per-Week..

Queen's Park Rangers have revealed their latest accounts from 2023 which make for difficult reading as the
club announce losses of over £20 million for the third year running.

The London outfit are locked in a tense relegation battle in the Championship but sit merely one point from
safety, having picked up two victories and one draw over the previous four league outings, with the wins coming
away from home against Blackburn Rovers and Bristol City.

After a dismal start to the campaign under former manager Gareth Ainsworth, ex-Hammarby boss Marti Cifuentes
took charge at Loftus Road back in October and has managed to keep Rangers alive in the fight for survival.

In 19 matches in charge of the relegation-threatened side, the Spanish coach has guided the team to six
victories and six draws, averaging 1.26 points per game in England’s second tier. At this current rate,
Queen's Park Rangers are set to collect 47 points by the end of the season.

However, the QPR board seem to be banking on Cifuentes pulling the team from the depths of the relegation zone to
avoid a catastrophic relegation to League One which could plunge the club into trouble off the pitch after the latest
accounts were published.

As brought to light by football finance expert Kieran Maguire on X, formerly known as Twitter, the West London club
recorded operating losses of a further £21.4 million over the year ending May 2023, marking the third year in a row
that QPR have suffered losses of £20 million or more. Furthermore, this meant that QPR lost roughly £411,000 per
week over the year that was accounted for.

Writer’s View
Due to disallowable costs, including the club’s academy and other expenditures on infrastructure,
Queen's Park Rangers should still be within the boundaries of FIFA’s Financial Fair Play restrictions.
However, the club are certainly walking a tightrope.

For supporters, these accounts are certainly worrying and only increase the pressure on the shoulders of
Cifuentes to help steer the ship back to safety in the Championship for at least another season.

The Spaniard has done an admirable job at the helm thus far, all things considered.

[steveqpr881]

Worrying stuff; we really are walking a financial tightrope -
hardly any room to spend money - assuming the board is happy to spend.

[Steve Russell]

And this from Don Smith for the Standard...

'Queen's Park Rangers posted losses of more than £22million in 2023, according to the club’s
latest annual report.

While that marks a slight improvement on losses of £24.2m the previous year, it is an alarming figure
given QPR spent nothing on player purchases in the 2022-23 season as they seek to improve their financial
situation.

Shareholders, including Ruben Gnanalingam, Richard Reilly and Lakshmi Mittal, continue to fund the losses
and leant the club more than £30m last season.

QPR are unlikely to ever be able to repay those loans, and so they are due to be converted into shares in the
company in the medium term.

Player sales in 2023 earned the club £2m, but wage spending is nine per cent above the club’s total income,
while £12m was spent last year on improving facilities at the club’s new training ground.

QPR still owe the EFL £10.2m of the financial fair play settlement fine they agreed in 2018 for historic overspending
on player transfers.

The club’s ability to finance future transfers is set to be boosted in the summer once the expensive 2021 purchases
of Charlie Austin and Stefan Johansen roll out of the three-year FFP cycle.'