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Sunday, June 17, 2007

QPR's Losses: What's Previously Been Forecast

QPR Rivals' Clive Whittingham's account of Friday's AGM
reports that "[Director] Kevin Steele gave a quick overview of the accounts, stating that losses had increased from £2.5m to £3.3m and another £2.6m had been loaned to the club by the directors during that time...Kevin said that the projected loss for the season just gone, 2006/07, was £2.6m which he said showed they were continuing to progress towards a break even point that could be achieved for the 2007/08 season if the current projections prove accurate."

The 2006 loss figures was obviously already known/in the published accounts. But this is the first time that I recall, another £2.6m is being predicted for the next set of accounts

Accounts- Year Ending May 2006">Full Accounts for Year Ending May 2006 can be read here (and previous years' accounts)

What's Previously Been Said About QPR's Current and Future Losses?

April 2007 - What does the total loss for the year stand at as we speak?
GP said that the loss is about the same as the last year, saying that we'd had to bring in playing staff, which added to the budget. http://www.qpr1st.co.uk/documents/2006accountscomments.doc QPR

March 2007
" When I took over at the club the losses were 4.5 million pounds - and now it is less than two [million pounds]. Next year we will probably break even and maybe even make a profit because the money from the players we sold this season will go into the budget for next year." - Interview with Gianni Paladini in The London Paper, March 14, 2007 by Matt Butler

March 2007 "....The debts have been reduced. “And I tell you this: QPR will make a profit next year – whatever division we’re in – and it will be the first time that has happened for many years. It will happen." - March 12, 2007 [Posted on Dave Barton's Queens Park Rangers FC Site(www.queensparkrangersfc.com )

August 1, 2006 - “The Club is in a better financial position than it has been in for a number of years. Things are still tough, but we have reduced the annual debt by millions and intend to reduce it further” (August 1, 2006) QPR Official Site

June 2006 - Next season will see further improvements and we expect the losses fall to below £1m - a significant improvement on the years before I became involved with the club. ...We have put our finances in order, our losses will continue to fall towards a break even situation QPR Official Site

May 2006 -
A: This season [we will lose], £1.7 million. Next season I hope we can break even, maybe if we only lose two hundred or three hundred thousand pounds I’d be a happy man” (May 2006)
... we're hoping to go close to breaking even next season, we've reduced costs across the board. We're definitely heading in the right direction. QPR Rivals Interview

March 7, 2006 -
"...The [Evening] Standard did state that losses for the year were £2.5m but neglected to mention that was an improvement of £1.8m on the two previous years....
I know these figures are wrong because I am so intimately involved in both the day-to-day running of the club, and its financial strategy and support. ...
...The accounts for 2005 show a vast improvement on the previous years' results and the current projections for 2006 show that there will be another sizeable reduction in the clubs' net losses.However the Evening Standard states that the projected losses for the current season "could be as much as £4m" and will not be revealed until March 2007....
The club is currently working on its projections for next season and the board of directors are looking for further revenue opportunities and further cost savings as the club works towards a break-even situation.A more detailed update will be given to shareholders at the forthcoming AGM and a summary will then published on the QPR website. QPR Statement

Late 2005
"...The books will show that since I’ve been here the loss will go down from £4.5 million to £2.5 million. Next year it will go down again to £1.5 million .... Don’t judge me now, wait till you see it because it will all be there in black and white. Everyone is taking a shot at the moment but they are people who have their own agenda. They want us to fail, but if we fail then QPR fail..." QPR Net Interview witH Paladini

March 2006 - “The accounts for 2005 show a vast improvement on the previous years’ results and the current projections for 2006 show that there will be another sizeable reduction in the clubs’ net losses” (March 2006)QPR

December 2005- “We are bringing the loss down every year and within a few years we hope to break even” (December 2005) Link

BBC - March 16, 2006
Paladini said: "Can anyone say QPR aren't in a better position than when I came in two years ago? "The losses are reduced and we are in a position to move forward. " BBC March 16, 2006

December 29, 2005
"Thanks to some huge efforts in renewing its organization and bringing in some new investments, QPR are now sailing in safe waters. "We are optimistic when looking ahead for the New Year and for the whole of 2006, ...."Our hope and aim is that QPR will never again have to struggle against organizational confusion and financial distress that have badly hit the good name of our glorious club... " QPR

March 2006 AGM - QPR1st REPORTS
"...Losses will be estimated for the end of the 2006 season to be between £1.7m - £2m.....
[Chris Pennington]then spoke about losses in previous years, saying how in 2003 the losses had been £4m; in 2004 they were £3.4m; 2005 £2.5m; estimated losses for 2006 are £1.7m - £2m; and going forward the estimate for the year after would be a loss of £0.8m – though the hope was to break even eventually for this period. QPR1st

QPR1st Report on 2005 AGM - July 2005
[Pre-Paladini becoming Chairman]
"...Kevin and Chris both said that the draft accounts to 31 May 2005 were indicating a loss of £2.5m. In the current year to 31 May 2006 the recently prepared budgets had been drawn up on the basis that the club would break even. However, in reality a loss of somewhere between £500k to £1m is anticipated unless the club have a good cup run or some other similar windfall. .." QPR1st

QPR Accounts - Released May 2007 for Accounts- Year Ending May 2006

QPR1st has an analysis of the Accounts, which can be read at QPR1st

Previous Year Accounts
QPR Accounts - February 2007 - Accounts - Year Ending May 31, 2005

QPR Accounts - May 2005 -- Accounts Year Ending May 2004

For additional background re PastAccounts/Finances (and other matters), see
Boardroom Blues
QPR1st Trust

QPR1st's report on the 2006 AGM

QPR1st report on 2005 AGM

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