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Friday, March 05, 2010

QPR Report: Accounts Examined - Almost Ninteen Million Pounds Lost in a Year...Warnock...Injuries...WBA Preview...Liverpool Semi-Final Flashback

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- Homage to Mike Keen

- On This Day Flashback...Including League Cup Semi Final Second Leg vs Liverpool! (Video Snippet)

- Former QPR Target Richard Eckersley to Plymouth

- Cardiff Fans Marching in Protest

- The Leeds Mystery Owners and "Five Questions Fans Need Answered About Their Club Owners"

- Nottingham Forest Manager Billy Davies Not Satisfied re Transfers

- Glazers "Hardball"?

Teamtalk - Neil Warnock will check on the fitness of Lee Cook, Matt Connolly and Kaspars Gorkss ahead of his first game in charge of QPR against West Brom.
- Winger Cook has been struggling with a cold this week and defender Connolly has an ankle injury.
- Centre-half Gorkss has also not trained this week after picking up a knock and all three are battling to be fit to face the second-placed Baggies.
- Warnock will be hoping playmaker Akos Buzsaky returns from international duty with Hungary in one piece.
- Strikers Tamas Priskin (groin) and Marcus Bent (hamstring) should be fit but teenager Antonio German could keep his place after signing a new contract this week.
- Midfielders Gavin Mahon and Martin Rowlands remain long-term absentees with knee injuries. Virgin Media

Guardian/David Hytner - Warnock to QPR
- Neil Warnock aims parting shot at Crystal Palace's administrator• He suggests he had little option but to leave Selhurst Park• Club would not give assurances about his future there
- Neil Warnock has aimed a withering parting shot at Crystal Palace's administrator who, he suggested, gave him little option but to quit the club. The manager has moved across London to Queen's Park Rangers, swapping one Championship relegation struggle for another, although he hopes to challenge in due course for promotion to the Premier League in order to fulfil an ambition to work in the top division once more.

His enthusiasm at the new challenge, though, was tempered slightly by regret at how his tenure at Selhurst Park ended. Warnock maintains Palace ought never to have been pushed into the hands of the administrator, Brendan Guilfoyle of P&A Partnership, arguing that "the people who put the club there aren't going to get their money any earlier".

Palace, docked 10 points by the Football League, have appointed Paul Hart as Warnock's managerial successor while Guilfoyle has overseen the difficult yet necessary steps to cut costs. Guilfoyle said that Warnock had told him that he no longer had the "stomach for the fight" at Palace, a revelation that particularly incensed the manager, but Warnock's grievances run deeper.

With a three-and-a-half year contract on offer at QPR, he was frustrated at how Guilfoyle could give him no assurances about his future at Palace while he also accused the administrator of breaking promises to him over player recruitment and when the club would be sold. "I think when he [Guilfoyle] interviewed Paul Hart and people asked him 'Why Paul Hart?', he said 'Well, I'm an accountant', and I think that sums it up, really," Warnock said.

"He made it clear that new owners could come in at any time and that they might want their own manager. It was very difficult working with him. He has a high opinion of himself. I came down to the club for Simon Jordan and he has left so I lost the day-to-day involvement of the chairman and it is difficult talking to an administrator, especially when you don't think that he should be in anyhow. There were problems, especially on transfer deadline day. Another blow was when I was told by the administrator's agent that I could bring players in if I got the squad down to 19. I did and then we couldn't. You are always treading sand."

Palace will receive a compensation payment from QPR for Warnock of up to £600,000, which will go towards their bid to re-balance the books. "They got a very good fee for me," Warnock continued, "and I don't think he [Guilfoyle] turned his nose up at that. The biggest thing for me of late was when I found out that the agent who the administrator brought in received £100,000 within seven days for selling Victor Moses [to Wigan Athletic] for £2m. I could have sold Moses in my sleep. That really was the bugbear for me.
- "You will always feel that you have let the fans down but they have to ask themselves what they would have done in my position, with a three-and-a-half year contract for their family or a chance of being out of a job in a fortnight; 99.9% would take the three-and-a-half years."
- On the face of it, Warnock accepts, it would appear that he has jumped from the "frying pan into the fire". He becomes QPR's fifth manager of the season and their 12th in four years. Yet Ishan Saksena, who has replaced Flavio Briatore as the chairman of QPR Holdings Ltd, insisted that the club had learnt from their mistakes and that "stability" was now the order of the day.
- He pledged his "100% trust and faith" to Warnock who, he said, would be in charge of all playing matters, together with the football club chairman, Gianni Paladini. Briatore remains in the background as a stakeholder. Warnock, who made the point that he would not have moved to Loftus Road if he had not been assured that he would have the final say on selection matters, noted that the squad needed "additions in certain areas". He would not, though, be raiding Palace for such players before the end of the season. "No, not now," he said. "I would not want to say 'No' for the future
." Guardian

The Times/Gary Jacob March 5, 2010
Sea bass and security on the menu at Loftus Road for Neil Warnock

Warnock is targeting a quick promotion with QPR after joining from Palace

Job security was the motivation for Neil Warnock becoming the fifth manager of Queens Park Rangers this season.

The first rule of working for them recently has been never to assume anything, but his contract until 2013 might indicate that times are changing at the Coca-Cola Championship club.

Team selection, Warnock said, rests firmly in his control after managerial departures sparked allegations that Flavio Briatore had interfered in team selection. The Italian stepped down as chairman this month, with Lakshmi Mittal, the steel magnate and richest person in Britain, and family increasing their shareholding in the club.

Warnock says that there is now a plan and repeatedly described his move as an opportunity. A hike in salary from £750,000 to £1.2 million a year and leaving Crystal Palace, who are in administration, for a club who can throw money at promotion may have been persuasive, too.

“There are a lot more ingredients that you need than money, which has never won a club anything,” Warnock said, before referring to the relatively luxurious surroundings he now finds himself in. “I have never tasted sea bass, as I did after training today.”

Warnock ignored calls from Simon Jordan to save Palace and leave a hero when his contract expires this summer. Jordan, the club’s owner, will recover less of the £20 million he is owed if they are relegated, but his anger will be matched on the terraces, where some fans will accuse Warnock of jumping ship in a relegation battle that they have been drawn into after receiving a ten-point penalty. Luckily, he has the ego to withstand an uncomfortable return to South London when the sides meet at Selhurst Park next month.

“You will get the odd one that will slaughter me,” Warnock said. “I know Simon Jordan will be disappointed. But I don’t think that anyone can say who will stay up. If the fans feel that I’ve let them down, they have to ask themselves what would they do if they had a 3½-year deal for their family or a chance of being out of a job in a fortnight — 99.9 per cent would do the same.

“To come somewhere steady was the main thing for me and my family. QPR has been very unstable, a revolving door, but they have realised their mistakes. I can build and leave a legacy.”

The only pressure to deliver promotion is his, he says, but first the team must avoid the drop. “We have a difficult run-in and need additions to the squad,” he said. “At my age [61], you want to be pushing for promotion.”

Warnock blamed his exit on the uncertainty at Selhurst Park and alleged broken promises made about signing players in January.

“You are always treading sand,” Warnock said. “I could have gone for constructive dismissal, but I did not want that. No manager could have worked harder with very little resources.” Times

- 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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