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

[Bluehoop]

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

Massey Ferguson out!

[W3QPRHA4]

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.

Call me what you want negative, pessimist or "Tony basher"... Given Fernandes'n'co's track record and great ability to feed fans great PR I wouldn't go singing their praises yet.

Writing off £60m and possibly NOT receiving a £40m fine isn't rocket science and IF that avoids the FFP (And thats a BIG IF) then its obviously right thing to do.

Hate to say it, but I don't think it's over yet.

Yes great, they've written of debt BUT I doubt VERY much the FA will swallow this otherwise all the clubs owned by very rich owners would do that same.

[W3QPRHA4]

The FA's very telling response

In a statement, the Football League said: "The Football League notes the statement made earlier today by Queens Park Rangers regarding its annual accounts for the year ending 31st May 2014.

"The club has previously filed accounts with the Football League in accordance with the requirements of the League’s Financial Fair Play rules.

“The treatment of certain items in those accounts, and how the League’s FFP rules should be applied to them, remains a matter of ongoing discussion between QPR and the Football League. It would therefore be inappropriate to comment further at this time.”

[vblockiain]

Yes they probably would but only Leicester ,Burnley & qpr have been examined under this rule which has indeed been changed for 2014/15 so it is a one-off.Probably poorly constructed & full of loopholes A restriction of trade in EU law as drafted for 2013/14 hence two fingers to the sky

[vblockranger]

Accounts were available for viewing on the 5th March last year so we should soon see later this week. Creative accounting its called and havent we just recently changed our finance bod? All conjecture anyway till accounts are available. We have had the PR release by the club which puts it in a good light but lets face it all we get from the club these days is spin and PR bullsh1t anyway. Either way its £60 mill off the huge debt and we may or may not get lumbered with another huge FFP fine if we go down. As we were i suppose.

[MYU]

Accounts were available for viewing on the 5th March last year so we should soon see later this week. Creative accounting its called and havent we just recently changed our finance bod? All conjecture anyway till accounts are available. We have had the PR release by the club which puts it in a good light but lets face it all we get from the club these days is spin and PR bullsh1t anyway. Either way its £60 mill off the huge debt and we may or may not get lumbered with another huge FFP fine if we go down. As we were i suppose.

That's one way of looking at it, let's see what happens from here?

[klonk]

The FA's very telling response

In a statement, the Football League said: "The Football League notes the statement made earlier today by Queens Park Rangers regarding its annual accounts for the year ending 31st May 2014.

"The club has previously filed accounts with the Football League in accordance with the requirements of the League’s Financial Fair Play rules.

“The treatment of certain items in those accounts, and how the League’s FFP rules should be applied to them, remains a matter of ongoing discussion between QPR and the Football League. It would therefore be inappropriate to comment further at this time.”

I don't think that this is anything new. We all knew that the league have had the accounts for a while now and that there must have been heavy discussions happening in the background (presumably one of the reasons for the lack of dpend during the January window).

I suspect the club are using better accountants than me, but shareholders cancelling loan liability and recording it as "other income" (which I guess is what the books say) is a very debatable treatment (as others have said, if it was so simple wouldn't everyone else be doing it too).

Anyways, fingers crossed for the club.

[QPRDave]

Can't see what the FL or FA or anyone else involved with this unfair restriction on medium and small clubs have to complain about. As has already been posted
this farce was brought in under the guise of protecting clubs ending up like Portsmouth etc...Making sure the clubs are not saddled with huge debts while the latest owner
walks away with no worries.
If they try and whack us with this huge fine/relegation to the conference or whatever it will be for nothing more than spiteful reasons, which is totally unfair

[Kevin Mcleod]

Accounts were available for viewing on the 5th March last year so we should soon see later this week. Creative accounting its called and havent we just recently changed our finance bod? All conjecture anyway till accounts are available. We have had the PR release by the club which puts it in a good light but lets face it all we get from the club these days is spin and PR bullsh1t anyway. Either way its £60 mill off the huge debt and we may or may not get lumbered with another huge FFP fine if we go down. As we were i suppose.

It's only in your and the other naysay doubters eyes that we may or may not still get a fine cos you want to still have that tiny glimmer of hope that the club is farked and the chairman will be exposed as a wrong un! But the truth is mate there will be no fine and near on everyone else in the world who doesn't have those agendas knows that! It's great news for this football club and you saying we are as we were I suppose really doesn't mean that's anywhere near the truth cos it's nowhere near 'as we were'! Today was a very good day for QPR and it's a shame for some people who love slating the board didn't see the accounts they wanted to see and us being hundreds of millions in debt!

[vblockranger]

It's only in your and the other naysay doubters eyes that we may or may not still get a fine cos you want to still have that tiny glimmer of hope that the club is farked and the chairman will be exposed as a wrong un! But the truth is mate there will be no fine and everyone else in the world who doesn't have those agendas knows that!

Hope there is not a fine Kev but IF there is then the board and the inept Chairman they have put in charge is the reason we get it. So if it costs the board another £50 million then thats down to them. Whichever way we look at it they have had to swallow £60 million today so that can only be good for the club. Personally i hope it hurt them and they may wake up a bit and start doing things properly. Like i said earlier its all conjecture until the accounts are viewable. Win/Win for the club cos our debt is now £60 million less so cheers to the board for the dosh, hope it hurt and try not to make anymore #### ups! :-)

[Kevin Mcleod]

Wish you would stop being so down and hard on them V. They are doing so much for our football club and we are lucky to have them! I could bring up untold clubs up proper sh it Street and so many others that are not but who would still love to be in our financial position

[vblockranger]

Today was a very good day for QPR and it's a shame for some people who love slating the board didn't see the accounts they wanted to see and us being hundreds of millions in debt!

Kev mate..we still are over a hundred million in debt probably. you realize that dont you? They have written off £60 million of that years debt and still left with a £9.8 million debt for that year to add to the rest of the debt already accrued from past seasons.. Our accumulated debt is what....£150 million or more? Thats the way i see it but as i keep saying....we dont know till the accounts are viewable. Lets wait and see and take the normal PR spin we get from the club as a pinch of salt or believe them if thats what you want to do.

They are wriggling to try to get out of this FFP fine. Thats why they wrote this money off in the hope that they get away with it. They certainly might do.

[Kevin Mcleod]

It's not a debt though! When you spend money on your roof of your house does the house or your missus owe you the money? And you can't owe money to yourself either! There is no debt otherwise it would be shown in paperwork! It's a debt to you if you want to say it is to hate on them, and make yourself feel better, but in real life there is no debt!

[vblockranger]

They are doing so much for our football club and we are lucky to have them!

You know i am going to disagree with that dont you?

4 years, spent millions and taken us backward and before you start...no Academy, no new Stadium and no money spent on infrastructure as yet.. Think the bogs in Ellerslie might have had a coat of paint tbf.

[brightonr]

Hope there is not a fine Kev but IF there is then the board and the inept Chairman they have put in charge is the reason we get it. So if it costs the board another £50 million then thats down to them. Whichever way we look at it they have had to swallow £60 million today so that can only be good for the club. Personally i hope it hurt them and they may wake up a bit and start doing things properly. Like i said earlier its all conjecture until the accounts are viewable. Win/Win for the club cos our debt is now £60 million less so cheers to the board for the dosh, hope it hurt and try not to make anymore #### ups! :-)

Makes no diffetence at all really mate, as the debt is all theirs anyway. As stated countless times already, QPR cannot afford to pay them back, so all losses are their losses. How hard can that be to understand?