QPR reveal big losses
QPR have been revealed as the biggest losers in English football with annual figures disclosing a wage bill higher than Champions League finalists Borussia Dortmund and bigger losses than Manchester City.
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QPR lost £65.4million last season, when the club was relegated from the Premier League, while their debt almost doubled to £177million after the club.
No other club in English football lost more money last season - City reported losses of £51million and Chelsea of £49.4million. But while both the top-flight clubs have had impressive increases in turnover, QPR's fell to a meagre £60.6million.
That turnover does not even cover their wage bill, which rose from £58.4million in 2011/12 to £78million last season. By comparison, Dortmund's salary bill totalled around £60million.
If QPR are not promoted back to the Premier League then they are likely to face a huge fine under Football League financial fair play rules. These have a tariff of fines depending on losses: a similar loss next season would incur a £47million fine, though spending on stadium or youth development can be written off, lessening the fine.
The shocking state of QPR's finances were revealed by latest figures were disclosed in annual figures posted by QPR's holding company at Companies House.
Separate accounts for QPR Football and Athletic Club Ltd were also posted showing a small profit of £616,000 but says it has "taken advantage of an exemption... and not disclose transactions" with its holding company.
That will not prevent any action under FFP rules however - Football League sources confirmed it would look at the holding company's accounts.
QPR continue to be bailed out by their owners. Loans from the club's owners totalling £72.7million plus a £15million short-term bank loan of £15million were taken out last year, which saw the club's debts spiral to £177million from £91million in the space of 12 months.
Even if the club wins promotion back to the Premier League, they will also be subjected to new FFP rules in the top flight.
QPR chairman Tony Fernandes said in a statement in the accounts: "Clearly in 2012-13 the club did not meet its performance targets and was relegated from the Premier League.
"A critical driver of any club's value is its presence in the Premier League, and the club is focused on regaining its Premier League status as quickly as possible.
"The financial results reflect the club's focus on trying to achieve on-pitch success.
"Being relegated was obviously not part of our plans, but our focus and determination to achieve our long-term goals has not diminished.
"During the summer 2013 transfer window we have worked to put together a squad of players we believe will give us a good chance of achieving promotion back to the Premier League."