The 2010 Accounts - a review

[Jamie]

Liabilites of £45m, albeit £30m of it due to the Owners, and trading insolvent. Not good at all.

Without having seen the Accounts, I would imagine the Going Concern report is signed on the basis of us reaching the Premiership and "Enhanced Revenue Streams"...

Promotion isnt helpful, its absolutely vital.

[Boo Radley]

Liabilites of £45m, albeit £30m of it due to the Owners, and trading insolvent. Not good at all.

Without having seen the Accounts, I would imagine the Going Concern report is signed on the basis of us reaching the Premiership and "Enhanced Revenue Streams"...

Promotion isnt helpful, its absolutely vital.

Surely £45M of Liabilities is somewhat offset by £30M of assets ,net Liability of £15m, still not great but its not £45M negative, well that the way I read it.

Get promoted, brings in a first year revenue of circa £35M may balance the books but I'm no accountany.

Boo

[kron-1664]

The bottom line is, like it or not, we are funded by a sugar daddy (s) . We would be in administration and prob like Plymouth by now.

When you think about the wages we are paying compared to the size of the club etc. it is frankly ridiculous, BUT, go up to the Prem and its all good. The owners are speculating to accumulate.

Unfortunately we can only watch and hope it goes well.

[Jamie]

Surely £45M of Liabilities is somewhat offset by £30M of assets ,net Liability of £15m, still not great but its not £45M negative, well that the way I read it.

Get promoted, brings in a first year revenue of circa £35M may balance the books but I'm no accountany.

Boo

In theory, yes, the net position is that of the club being £15m insolvent.

However, of the £30m in assets, only £8m are Current Assets in the form of Registrations, cash, debtors, and £21m is tied up in the Fixed Asset being the stadium.

Of the Liabilites, £33m are falling due within 1 year. Even if the club sold every player at their Written Down value, Sold the ground, as at 31st May 2010, they couldnt service the liabilities. I cant underestimate how dangerous a position that is.

On paper, the club HAS to find £33m this year to repay its debts. Without promotion there is not a hope in hell of doing this. Obviously the Loans to Sarita, Amulya, etc may be extended for another 12 months but there is no guarentee of this.

Promotion is a MUST.

A business in such a state as QPR are, must justify/prove to their Accountants that their is a reason why they should be allowed to continue to trade under the "Going Concern" basis and how they will get back into profitability., and without having seen the accounts on paper, I can imagine that the justification is the promise of promotion and "Enhanced Revenue Streams".

[alexferguson60]

We're about 30-odd million in debt.

**** knows how much it's cost to cancel the contracts of all of those managers. Plus, the players' wages must be on the up, too.

The sell-outs and payments from Sky are suddenly looking extremely useful. Here's hoping - and praying -we go up...

[singingranger]

Not really sure what the fuss is.

The owners didn't just wake up to see these numbers they are money men yet they have still backed the team.

Most clubs are bank rolled these days, the owners are unlikely to walk are they.

How much revenue can a championship club with 18,000 capacity generate

[Tarbie]

In theory, yes, the net position is that of the club being £15m insolvent.

However, of the £30m in assets, only £8m are Current Assets in the form of Registrations, cash, debtors, and £21m is tied up in the Fixed Asset being the stadium.

Of the Liabilites, £33m are falling due within 1 year. Even if the club sold every player at their Written Down value, Sold the ground, as at 31st May 2010, they couldnt service the liabilities. I cant underestimate how dangerous a position that is.

On paper, the club HAS to find £33m this year to repay its debts. Without promotion there is not a hope in hell of doing this. Obviously the Loans to Sarita, Amulya, etc may be extended for another 12 months but there is no guarentee of this.

Promotion is a MUST.

A business in such a state as QPR are, must justify/prove to their Accountants that their is a reason why they should be allowed to continue to trade under the "Going Concern" basis and how they will get back into profitability., and without having seen the accounts on paper, I can imagine that the justification is the promise of promotion and "Enhanced Revenue Streams".

What he said!

[paulmason]

People have been asking what players we will get if we are promoted and it looks like if we get promoted, any money will go to clear the debts and NW will have to wheel and deal.

The thing that worries me is what happens if we don't go up and people want money we clearly do not have.

[WeAreQPR12]

People have been asking what players we will get if we are promoted and it looks like if we get promoted, any money will go to clear the debts and NW will have to wheel and deal. The thing that worries me is what happens if we don't go up and people want money we clearly do not have.

I am sorry but that is a total sh it statement.

We have waited 15 years for premiership football and you think we should just let poor Neil try and wheel and deal and basically not aid him in anyway to keep this club up.

If we gain promotion the man will need to be backed because the current squad isn't good enough. I agree with most when they say we would be in the bottom 3. I am not talking about spending crazy money but ffs we should show a little ambition and put up a little fight to stay up ffs its been 15 years and getting out of the championship isn't an easy thing. I don't think you should blame the fans to expect a little ambition if we go up.

[paulmason]

I am sorry but that is a total sh it statement.

We have waited 15 years for premiership football and you think we should just let poor Neil try and wheel and deal and basically not aid him in anyway to keep this club up.

If we gain promotion the man will need to be backed because the current squad isn't good enough. I agree with most when they say we would be in the bottom 3. I am not talking about spending crazy money but ffs we should show a little ambition and put up a little fight to stay up ffs its been 15 years and getting out of the championship isn't an easy thing. I don't think you should blame the fans to expect a little ambition if we go up.

It is not a statement but my opinion, which i dont care if you agree with or not.

With the current owners, Blackpool and Burnley is the model we will follow and it does not matter how loud you shout or how many times you stamp your feet, it will not change IMO.

[James1979]

You do all realise you're talking about figures that are 11 months old? Unless of course the club has a) changed its financial year and b) started to produce accounts more quickly. These accounts will be to 31 march 2010, so all the voices of doom above are wide of mark.....unless we're going under at the end of this month!!

[paulmason]

You do all realise you're talking about figures that are 11 months old? Unless of course the club has a) changed its financial year and b) started to produce accounts more quickly. These accounts will be to 31 march 2010, so all the voices of doom above are wide of mark.....unless we're going under at the end of this month!!

Lets hope they are not 11 months old, because Bernie ? or someone else said that we were loosing £800,000 - £1,000,000 a month, so if they are 11 months old, we are in a much worse position than stated in those accounts.

[Sotonsuperhoop]

We have been operating in a loss situation from at least the days of the Thompsons.The last time we operated in the black was under Jim Gregory and he sold up in the 80's so no need to panic.

Whether you agree with it or not football clubs operate under different business laws/principles to any others and this includes tax liabilities and the like. Just look at Portsmouth.

If we get promoted with the first years money, plus another 4 years parracute payments ( if we were to be relegated) we have enough income from that alone to service the £33m debt if recalled AND spend in the region of £20m on players so I don't see what the panic is all about. If the current owners call in their loans and move on another sugar daddy will be waiting in the wings. This season shows we as a club have the potential to grace the EPL for many a season so ,in football terms, we are now a very attractive proposition for anyone wanting to spend their millions on a football team

[qblockpete]

I would worry if we had someone like Chris Wright at the helm.

Reality is most clubs run on far worse budgets and we have 3 people who run the club that are multi-millionaires, so really not worried.

As fans of our club, its just right we see the figures.

[Nodge70]

Both the Sarita and Amulya loans are interest free and repayable on demand. The loan from Amulya has a fixed charge over the Freehold of LR stadium as well as an option to acquire LR in settlement of the loan.
The overdraft is also secured on LR stadium.

worrying bit...

And to think I was mocked not three weeks ago on this very site....

Anyone would think I made it all up....