Got something to say or just want fewer pesky ads? Join us... 😊

QPR accounts



El Presidente

The ONLY Gay in Brighton
Helpful Moderator
Jul 5, 2003
39,689
Pattknull med Haksprut
image.jpg

Just been sent them by Companies House. Confirm the losses are £70m reduced to £10m by accounting engineering. Wage bill was over £75 million, compared to £21 million for the Albion.
 


GreersElbow

New member
Jan 5, 2012
4,870
A Northern Outpost
Clever, but surely they will be investigated now by respective authorities because there's no way they'd have cut those losses by that much even with the tv deal money..

EDIT: I never got far enough in my accounting apprenticeship to know what an exceptional item is, could you clarify, EP? Sounds very strange.
 


















Triggaaar

Well-known member
Oct 24, 2005
49,989
Goldstone
How so? The £60m is just them writing off a debt to the owner right? Which should already be taken into account with the limits owners are allowed to donate to the club. If this was allowed, then surely Man City and PSG would just do the same.
 


Blue Valkyrie

Not seen such Bravery!
Sep 1, 2012
32,165
Valhalla
So does this set a precedent of a way to get around FFP ?

Can other clubs now do the same, rendering FFP meaningless ? ???
 






GreersElbow

New member
Jan 5, 2012
4,870
A Northern Outpost
How so? The £60m is just them writing off a debt to the owner right? Which should already be taken into account with the limits owners are allowed to donate to the club. If this was allowed, then surely Man City and PSG would just do the same.

And dubbed it "exceptional item" ambiguity to avoid a literal interpretation. If it is, they'd have found other ways to re write the write off that would either be legal within the context of FFP or atleast draw a long investigation which may or may not be worth the trouble.
 




JC_RFC

New member
Dec 22, 2011
5
In all my years as an accountant I have never seen a loan write-off as a revenue item. If this is accepted it makes a total mockery of FFP rules and they might as well be scrapped
 




El Presidente

The ONLY Gay in Brighton
Helpful Moderator
Jul 5, 2003
39,689
Pattknull med Haksprut
image.jpg

It's not strictly illegal what they have done. However, if it has been done purely to avoid the FFP fine (which would amount to about £57 million) then it does not reflect well on the QPR owners, Fernandes and Mittal, who are worth over £16 billion in terms of personal wealth.

Using creative accounting and expensive lawyers to deprive good causes doesn't paint either of the owners in a good light. It would be good to get a statement from the FL to put fans' minds to rest and that these two gents have done the right thing.
 






beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,265
It's not strictly illegal what they have done.

the legality is not in question, its compliance with FFP. being able to write off loan defeats the whole purpose of FFP, if they get away with this the process is dead and we'll see a raft of wealthy owners loaning clubs money only to be written off. would they even have to go through the pretense of a loan?
 









Paying the bills

Latest Discussions

Paying the bills

Paying the bills

Paying the bills

Albion and Premier League latest from Sky Sports


Top
Link Here