Some Past Statements by Chairman Paladini Re QPR's Finances: Past, Current & Future

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QPR's Accounts have now been published (For QPR Holdings and QPR Ltd).
The accounts for QPR Holdings can be viewed at Julia's Boardroom Blues site.
Julia's Summary Full Accounts

From the Minutes of the April 10. 2007 Fans Groups Consultative Meeting with the QPR Board (released on the Club Official site)
5. Accounts update
5.1 Why haven't the accounts been filed with Companies House? We were told they would be filed by 31st March 2007?
GP replied that the accounts for the year end May 2006 have been filed; that they'll be in the public domain soon; and that the AGM will follow, citing the 21 day period that has to be given to inform shareholders of the meeting.
5.2 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. Fan Meeting

OFFICIAL SITE - STATEMENT FROM CHAIRMAN, GIANNI PALADINI - August 1 2006
Having just returned from the R's pre-season tour of Italy, QPR Chairman Gianni Paladini can't wait for the big kick-off. ...
"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. Yet ridiculous rumours still seem to be invented by a few people for reasons beyond me. QPR

Chairman Paladini Interviewed by Clive Whittingham/QPR Rivals - May 2006
Q:How much money will we lose this season and next?
A: This season, £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. The playing budget was over by about a million this season. On the strength of last season we hoped to push on and Ian wanted this player and that player and we got them for him....
Q: You said earlier this season that the club is sailing in calmer waters financially. Do you stand by that?
A: Yes of course. Everybody has been paid or will be paid very shortly, 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


Eve of the AGM: - 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. Everything is settled and we just want to get on with running the club. "This board have invested over £8m. Yes, some of that has been used to buy shares, but that is how much has been paid and that shows commitment."

March 7, 2006 - QPR - CLUB STATEMENT -
Gianni Paladini has issued the following statement following recent inaccurate reporting.
The total value of the debt in the 2005 accounts (ie the sum of the current liabilities and the long term liabilities) is £18m.The total value of the same debt in the 2004 accounts was £18m.In other words no change, but this is definitely not the impression conveyed by the headline.
As most fans know the biggest item in the total debt is the £10m loan from the ABC Corporation which was entered into in 2002 several years before the current regime took over.
Current liabilities fell in 2005 as the debts to the Customs & Revenue were reduced and short-term loans to shareholders were repaid.
You should also be aware that £2.8m of the total "debts" is for income for the 2005/06 season that was banked before the 31st May 2005 and, in accordance with standard accounting practice, is included in current liabilities as deferred income.The bulk of this deferred income is for season ticket receipts, which is being released in the 2005/06 financial year.
This means that the high value of the early bird season ticket sales for both the 2004 and 2005 seasons have increased the "debt" at the club's financial year end.So rather perversely the increase in deferred income is a positive sign and not an indication of "misery" as heralded by the Evening Standard.
The 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.This improvement was all the more impressive as it was achieved despite losing the revenue from Fulham ground sharing deal. Running costs have been reduced and supply contracts have been renegotiated.
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. Along with my trusted friend and chairman of QPR Holdings, Antonio Caliendo, we have dug into our own pockets to pay off the debts we inherited when we took over - debts that, quite frankly, would have forced the club into liquidation if they had not been paid.
...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.
As the club has had no contact with the writer of this article we are left to ponder as to the both the source of his inaccurate statements and the motives behind them.
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

HAPPY NEW YEAR GREETINGS - December 29, 2005 QPR OFFICIAL SITE
"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. "A special mention must go to Ian Holloway, who has shown his passion and devotion to the club and as someone who gives us positive hopes for promotion. "We are proud of our players and we are confident that we can continue to strengthen our team with some new arrivals at the beginning of the next year. QPR

QPR Official Site - Chairman Paladini December 6, 2005
Where do you see QPR in three years time?
First of all we need to clear our debts; we only took over from the October 1 and we found out we owed more than we originally thought. You need solid foundations, I'd love us to go up this year or next year, but we have to be realistic and budget accordingly.
When we first took over there was a big outstanding tax bill and Caliendo and I had to go down to Brighton to stop us going into Liquidation. We had to give our personal guarantee that the bill would be paid.
When we found out you can imagine our panic. The first thing you have to do as a company is pay the tax man as they can wind you up. .......
Is it true we are behind with our payments?
We are paying people. In October we paid out £1.2 million. When we took over we found that many of our suppliers hadn't been paid since May. There is a backlog but we are putting a new structure in place. Instead of writing cheques out every day of the week, we will pay our suppliers on the 30th of every month. Therefore they know when they will get paid and we can also budget better.. QPR

(QPR Official Site Q&A December 2005)
"We are arranging a new loan with the Lloyds TSB. The directors will give their personal guarantee on the loan. We hope to get an interest rate between 5.75% to 6%. Depending on the final interest rate we will save between £400-425k per year.....We are bringing the loss down every year and within a few years we hope to break even. Then we can really move forward" QPR

See: Also QPR Net Interview from last 2005
"...Next month I’m at the AGM, we will send the letter out soon and it will be held in February. I have to sit down with all the shareholders face to face and tell them what we’ve done and show them the books, the actual books, not the rubbish that people who think they know more than me come up with. 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 and that’ll be with better players earning better wages. Don’t judge me now, wait till you see it because it will all be there in black and white. ... - QPR Net Interview