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Tuesday, February 13, 2007

re Accounts - "Strong" Claim in The Daily Mail

Daily Mail/Charles Sale - February 13, 2007
QPR figures don't add up, claims fan

Evidence of serious breaches of financial regulations at Queens Park Rangers has been uncovered by a fan examining the club’s records.

The Rangers supporter discovered that the QPR Holdings company accounts for the financial year ending May 31 2005 which were approved by shareholders at the March 2006 annual meeting differed by millions of pounds from the document which has just been lodged at Companies House.

The widespread alterations affected the turnover figures, profit and loss numbers, commercial revenues, administrative expenses, operating accounts, matchday receipts and sponsorship, as well as the valuation of the Loftus Road ground that had risen from £17.2million to £20m.

It has also emerged that the QPR auditors Nieman Walters Niman had not signed off the company accounts that were presented to shareholders by the QPR executive.

Accountant Ed Nieman, who was asked to resign as QPR auditor by the club last week, said: "I didn’t go to the AGM because the accounts weren’t final. They were only signed off on January 22 this year.

"They shouldn’t have been approved at the AGM as they were not finalised. The QPR board know from me they should not have been presented or voted on. "I’ve no idea why the club no longer want me to act for them. I haven’t had an opportunity to discuss it."

No one at QPR was available for comment. Mail

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