QPR Accounts 31 May 2021

[SheepRanger]

- Turnover reduced to £14.5m from £18.3m
- Ticket revenue down to £207k from £4m
- Streaming revenue £1.4m up from £143k
- Losses decreased to £3.5m after player sales/purchases, down from £15.5m
- Club debt £36.4m down from £50.2m

It would seem the money from the Eze sale hit the accounts. We really do need a player sale of £10m plus every season to operate on a sustainable footing.

https://find-and-update.company-info...filing-history

[qpr4life]

Biggest note to make, it's not crazy to think that without Covid, we may have made a profit!!! Loses of gate receipts cost us £4million! (Roughly)

[SheepRanger]

Biggest note to make, it's not crazy to think that without Covid, we may have made a profit!!! Loses of gate receipts cost us £4million! (Roughly)

Yes, but offset by being allowed by the EFL to stream games which brought in £1.4m.

[WHITECITYONE]

Net loss (after interest) of £4.5m in the year ended May 2021 after a loss of £16.4m in the prior year.

So on the basis that FFP/PSR allow a loss of £39m over a rolling three year period, a loss in the current Season of £18.1m would fall within the rules, followed by a maximum allowable loss of £16.4m next Season.

So if this Season continues to proceed well & ends with a Top 6 finish (but not promotion) then perhaps the Board might consider it worth not selling Chair or Willock this Summer so as to give the club a great chance of Promotion next Season.

The value of these two players is only going to increase in the next 12 months, so maybe a gamble worth taking?

[davieqpr]

Maybe the owners don't want to gamble £18.1m after losing £20.9m in the last 2 years.

[SheepRanger]

Net loss (after interest) of £4.5m in the year ended May 2021 after a loss of £16.4m in the prior year.

So on the basis that FFP/PSR allow a loss of £39m over a rolling three year period, a loss in the current Season of £18.1m would fall within the rules, followed by a maximum allowable loss of £16.4m next Season.

So if this Season continues to proceed well & ends with a Top 6 finish (but not promotion) then perhaps the Board might consider it worth not selling Chair or Willock this Summer so as to give the club a great chance of Promotion next Season.

The value of these two players is only going to increase in the next 12 months, so maybe a gamble worth taking?

The way I see it is that a loss of £3.5m was achieved with the sale of Eze hitting the accounts. We haven't sold any player of value since so you would expect the accounts to May 2022 to show a losses back to £15m.

Without promotion this season I can see any player offers over £15m being considered for Dickie, Chair and Willock. One will wipe out losses to May22 with the others reducing the current debt of £36m. There could be funds to buy some promising youngsters or bring more experienced free transfers on higher wages.

The players are there to balance the books in the future but I just cant see the owners throwing loads more money into the clubs after the amounts they've already written off. Getting the squad where we are now would be an overspend.

Irrelevant of player sales in the summer I'm sure we'll still be shopping in the bargain bucket. Let's just hope we go up this season to avoid the fire sale.

[SheepRanger]

https://www.google.co.uk/amp/s/www.standard.co.uk/sport/football/qpr-financial-losses-eberechi-eze-b981840.html%3famp

[davieqpr]

The other bit to note was the Club debt was down by almost £14m. The outstanding £36.4m I imagine would be quite low for this division.

[SheepRanger]

The other bit to note was the Club debt was down by almost £14m. The outstanding £36.4m I imagine would be quite low for this division.

There have been a lot of director loans that have been converted to shares instead of refinanced as debt. The director who gave the loans therefore increases his equity share of the club as a result.

Including what it cost them to buy the club, I think theyre now in for the thick end of £300m. You cant blame them for wanting to limit their investment with the sale of some players.

If we could bring in £15-20m in player sales every two seasons we won't be too far off breaking even.

[SheepRanger]

But where's the ambition/direction?
If I were them I'd sell up and cut my losses.
There is no guarantee of £15/20. Mill every couple of seasons

After £300m I think they've done their ambition and are hoping to sneak into the premiership on the cheap. If we got up I think they'd take most of the money back out of the club. I don't have any evidence for that if course. But I cant see selling up now would recoup much money.

[Mattyqpr]

But where's the ambition/direction?
If I were them I'd sell up and cut my losses.
There is no guarantee of £15/20. Mill every couple of seasons

Whilst FFP is around in the championship then our owners hands are tied. We average 14k and have virtually zero non match day revenue.

They won't sell as there's hope we can get promoted in the next few years. A promotion instantly claws back a lot of their investment, minimum £100m league finish in PL. I'd guess they'd be willing to spend around £50/£60m of that £100m to build a team to have every chance of getting promoted again should the more than likely inevitable relegation happens. They'd then go again with another £50/£60m in the hope of staying up, but be in a strong position to be promoted should we fail. Basically the Norwich model!

The issue is, it's hard to get promoted due to the clubs coming down from the PL being at a huge advantage financially due to PL money and parachute payments hence yoyo clubs like Norwich, Fulham, Bournemouth and Watford. Something needs to change because you've got the PL miles ahead and then the 3 relegated clubs miles ahead of the rest, which is why we're seeing at least 2 relegated clubs going straight back up most seasons.

Who would buy us anyway right now? We're a loss making business and due to FFP we can't throw money at it.

[Dono77]

Fact is not one football club owner makes a profit out of owning their club. It loses money non stop. We are lucky we have owners writing cheques just to keep us running.

We still sign the players we want for the most part, we aren't under huge pressure to sell our best players for under the market value and we are paying for a new training complex which will prove invaluable for years to come.

There is lots to be excited about. We have good owners who are here cos they feel a connection to our club. If they didn't they would be a looking for a way out or have pulled their money out by now.

The mistakes made by tony f will never be repeated and for good reason. We have a balance sheet and we are heading in the right direction where we are slowly but surely bringing the losses down. It takes time and if we have to sell a willock or a dieng for a figure WE feel is their true worth then they will go. Its what a well run club should be doing.

Buy cheap, sell big.

[davieqpr]

Yes, but offset by being allowed by the EFL to stream games which brought in £1.4m.

Plus very little staff cost. reduced running cost and no Police cost. Any non parachute club would love to have a set of accounts like that.