Board Writes off 60m of QPR Debt - One for the Tony bashers

[Del]

Good stuff.

[bakes8]

Brilliant news. Well done the board and TF.... £60m lesson learned for the Shareholders, hopefully no more big money shite coming through the Loftus Rd gates anymore

[stanistheman]

As it was shareholder loans it was easy to write off I suppose!

Fantastic news... Things are on the up and we've got our Rangers back!!!!

That is the way it should work. Afterall, it is they who took the decisions and gambles to sign the players and pay the fees wages they did. No club should ever be held responsible for the 'owners of the day' decisions.

I would like to see a rule in place that states all funding beyond what the clubs earn is at the owners/funders own risk. This should replace FFP rules. Imagine if FFP rules had always been in place, the likes of Chelsea and Man City would not be where they are now, Blackburn and Leeds would never have won their last titles and instead we would be seeing Man Utd & Arsenal contesting title after title after title. A bit like the leagues in Scotland, Portugal, Spain, Italy, Holland Greece Turkey where it is the usual 2 or perhaps 3 suspects every year.

FFP rules prohibit another Jack Walker wishing to spend his millions to watch his club compete with and beat the best/richest clubs to the title. As long as they don't put the debt on the club, what's wrong with that?

[Kirill]

bah humbug

[stanistheman]

Great news, unless you are a shareholder ,

They chose to blow £££millions on Hughes, Cisse, Cesar, Bosingwa, Park, Granero, Hoilett, Barton, SWP, A. Ferdinand, Zamora etc, so is only right that they pay for the financial losses.

[vblockranger]

Lets all just wait and see if there isnt a clause in FFP regs that wont let us get away with this ...ahem....creative accounting. Either way its £60 million off our clubs debt so all's good. So our actual loss before they wrote of the 60 large is nearly £70 million for that year? thats the third big loss in a row isnt it?

[kron-1664]

They chose to blow £££millions on Hughes, Cisse, Cesar, Bosingwa, Park, Granero, Hoilett, Barton, SWP, A. Ferdinand, Zamora etc, so is only right that they pay for the financial losses.

absolutely right

[Shepherds Mush]

Lets all just wait and see if there isnt a clause in FFP regs that wont let us get away with this ...ahem....creative accounting. Either way its £60 million off our clubs debt so all's good. So our actual loss before they wrote of the 60 large is nearly £70 million for that year? thats the third big loss in a row isnt it?

Depends how the debt was "written off". They might have converted it to shares like Fulham did (I think that was about £200m!!), then the loss was only £9m

[12321]

Under FFP by recording a loss of nearly £70m we would have been liable for a fine of between £50m and £60m I believe, so nice symmetry

[klonk]

Ummm... look, I really hope that the league swallow this and we only cop for a small fine, but I don't think that this is anywhere near as simple as it's being made to look like.

we made a £69.8m loss. Usually in accounting, written off loans can't be offset against a loss (the ffp rules specify that owners can only plough a limited amount of capital into a club (about £5m?), which is what a written off shareholder loan almost certainly must be classified as). I think that this is not the end of all this.

[West London is Rss]

Abramovic has been doing this ever since he bought Chelsea.. Its what a lot of owners do in football. It was the shareholders debt and the shareholders money.. Not sure FFP can do anything at all. As others have said, even if they still fine it will be a minimal one now.

A club like QPR is never going to make a profit in the Premier League anymore with a stadium of 18k and premier league players demanding the wages they do.
Loses were and will always be expected nowadays, whilst we stay at Loftus Road.

[vblockranger]

Under FFP by recording a loss of nearly £70m we would have been liable for a fine of between £50m and £60m I believe, so nice symmetry

Yer so rather pay the £60 million off our current debt than give it away as a fine....if we get away with it! :-)

[bakes8]

FFP was brought in to stop teams going the way of Pomey with massive debts over the clubs head. If the Shareholders take on the debt and not the club then I see no problem.

Should be allowed, and we move on.........

[vblockranger]

Ummm... look, I really hope that the league swallow this and we only cop for a small fine, but I don't think that this is anywhere near as simple as it's being made to look like.

we made a £69.8m loss. Usually in accounting, written off loans can't be offset against a loss (the ffp rules specify that owners can only plough a limited amount of capital into a club (about £5m?), which is what a written off shareholder loan almost certainly must be classified as). I think that this is not the end of all this.

Agree...have to wait for accounts and the non PR spun version of events to come out. IF we go down then it could be a long legal battle.

[Brian Wilson]

If he wants to show commitment to the club then he should pay for all his farming mistakes. Wipe the whole debt.

Did he overspend on tractors? should have bought one of those up & coming tractor brands instead of those vintage no-go-showboats