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Queen's Park Rangers report £9.8m loss during last financial year

Queen’s Park Rangers have reported a 9.8m loss for the year ending May 2014.

The loss represents a substantial improvement on the figures posted for the corresponding period last year where the west London club reported a loss of 65.4m.

QPR’s accounts show expenditure was reduced by 22m while shareholders have strengthened the club’s balance sheet by writing off 60m of shareholder loans.

A statement on QPR’s official website read: “QPR filed its accounts for the year ending May 2014 showing the club posted a loss for the year of 9.8m.

“Expenditure was reduced by 22m mainly driven by lower player costs and this trend will continue in future years as the club will continue to bring losses down. In addition the club’s shareholders reiterated their long term support for the club by strengthening the balance sheet by writing off 60m of shareholder loans.

“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.

"The impact of relegation and promotion inevitably has a material impact on the short-term financial results of clubs but the shareholders are comfortable that the medium-term outlook is positive with Premier League revenues growing and the club’s costs continuing to fall.”

The Football League has said it will make no comment on QPR's figures in respect of a Financial Fair Play issue which has been hanging over the club for some time.

FFP rules state clubs in the Championship must live within their means and those promoted to the top-flight while making significant losses can expect to be punished.

In a statement, the Football League said: "The Football League notes the statement made earlier today by Queens Park Rangers regarding its annual accounts for the year ending 31stMay 2014.

"The club has previously filed accounts with the Football League in accordance with the requirements of the League’s Financial Fair Play rules.

“The treatment of certain items in those accounts, and how the League’s FFP rules should be applied to them, remains a matter of ongoing discussion between QPR and the Football League. It would therefore be inappropriate to comment further at this time.”

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