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

QPR HOLDINGS

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.