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Friday, March 05, 2010

Excerpts From The QPR Accounts: Almost 19 Million Pound Loss...Liabilities Exceed Assets...Wages Skyrocketed

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Dave McIntyre Twitter
"QPR's accounts show an annual loss of almost £19million. Estimated debt now around £25million" - Dave McIntyre

- Courtesy of Scott Jones: Links to the two sets of QPR accounts
- QPR FC Accounts
- QPR Holdings Accounts

[Note: The last set of QPR accounts on the QPR official Site are for the previous year

EXCERPTS FROM THE ACCOUNTS (Which Cover Period Up to May 31, 2009


Chairman Statement - Ali Russell
"During 2009/09 we took the decsion to part with two first team managers Iain Dowie and Paulo Sousa..." (page 2)

The loss for the year amounted to £18,824,000" (p 3)

"..Net cash outflow from operations amounted to £12.1 million as compared to £3.3 million for the prevous year. This reflects the ongoing investment in player salary cost, stadium refurbishment cost and minial player sales"

"The group paid £3.4 M (2008 - £6.90) to aquire additional players during the year."

"Net debt as at 31 May 2009 has increased to £24.7 million (2008- £16.9 million"

"...The strategy is to ensure we retain the highest quality playing staff by securing long-term contracts..."

"The Group made a loss of £18,824,000 during the year ended 31 May 2009 and at that date the Group's liabilities exceeded its total asets by £5,769,000(p7)

Loss for the Financial year, £18,824,000 Loss for 2009 (£6,009,000)

On the 1 September 2007 A. Claiendo waived £4,212,882 of the loan. £2,000,000 is still included in creditors in relation to Mr. Caliendo's original loan (14)

Particulars of Employes
- Number of Administrative Staff - In 2009, 20...In 2009 11

The aggregrate payroll costs of the above were
Wages and Salaries
2009 £15,322,000
2008 £9,271,000

Renumeration of highest paid director $181,000 (2008 - £196,000)

"The loss dealt with the financial statements of the parent company was £19,242,000 (2008, £6,104,000

"The overdraft is secuired by personal guarantees and a second legal charge over the Loftus Road Stadium" (19)

Included with long term creditors are the following loans

A £8,600,000 loan facility from Sarita Capital Investments...
A £10,000,000 from Amulya Propert Limited which is interest bearing at 8.5%
A £503,000 Interest free lon from the Football League
a £2,000,000 interest free loan owing to Mr A Caliendo

"During the year the copany paid amounts totalling £40,000 (2008 £75,000 to Moorbound Limited...in relation to G. Paladini's role as a director. In addition...an interest free loan of £140k (2008 £140K) to G Paladini"

Post Balance Sheet Events

"Transfer activity...a number of player join the club on permanent transfers, notably Alejadnro Faurlin, Alessandro Pellicori and Nigel QUashie.

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