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Queens Park Rangers reduce annual losses to £9.8 million despite 2013 relegation

Queens Park Rangers have reported a loss of £9.8 million for the year ending May 2014.

The sum is a huge reduction from the £65.4 million loss reported in May 2013 after their relegation.

QPR say, as a Football League club, expenditure was reduced by £22 million, mainly driven by lower player costs.

The club has written off £60 million of shareholder loans. The Football League is still to reveal the Financial Fair Play position of the promoted clubs.

A statement on QPR’s official website read: “QPR filed its accounts for the year ending May 2014 showing the club posted a loss for the year of £9.8 million.

“Expenditure was reduced by £22 million mainly driven by lower player costs and this trend will continue in future years as the club will continue to bring losses down. In addition the club’s shareholders reiterated their long term support for the club by strengthening the balance sheet by writing off £60 million of shareholder loans.

“The club’s shareholders and directors are of the opinion that the club is moving in the right direction and on track with its mid-term and long-term business plans.

“The impact of relegation and promotion inevitably has a material impact on the short-term financial results of clubs but the shareholders are comfortable that the medium-term outlook is positive with Premier League revenues growing and the club’s costs continuing to fall.”

This was posted in Bdaily's Members' News section by Ellen Forster .