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

[West Acton]

Under £10 million i think Wests..the other hundred and fifty or whatever is down to the current lot. But its ok its their own money not the clubs!. Guess we see in the accounts later this week how much debt remains in the clubs name.

I thought it was way more then 10mil V as we were well in debt before flabby and his regime spent some dough to the point they were trying to reduce spending as seen in four year plan. ABC loan was 10mil on its own was it not??? before you even add on debts on top

Club has been in debt continuously since Thompson left last time it was run as a proper business

[vblockranger]

You seem to be in a very small minority here when it comes to Tony bashing. Most fans can see that he's trying his best to turn us into a stable prem club that has a nice stadium and training facilities. All you've ever done is butcher the bloke from a forum.

Don't you think you put a stop to it?

A minority? really? lol i never would have guessed.
Rich if you find the Chairman sincere in his twitter statements and actions then its your prerogative. Personally i find the bloke insincere and patronizing. He has done an abject job as a Chairman although the signs are he may have made a couple of good (finally) decisions and we may be turning a corner. Time will tell. Do i think i should just put my impression of him to one side and start backing the numpty? no i dont but thanks for the concern :-)

[vblockranger]

I thought it was way more then 10mil V as we were well in debt before flabby and his regime spent some dough to the point they were trying to reduce spending as seen in four year plan. ABC loan was 10mil on its own was it not??? before you even add on debts on top

Club has been in debt continuously since Thompson left last time it was run as a proper business

Hmmm dont know then West i will have to check but i seem to remember it was around the £10 million mark. For me FFP is a good thing and will do the game good if implemented properly. Its our current owners and owners like them that has ####ed up football in this country.

[brightonr]

I can reiterate for the slow of understanding ...it is good news today. The amount of £60 million has been wiped off debt currently held under the clubs name in its accounts. It's a good day for all the fans. It's extra good news for me tho cos i can picture the numpties sitting there bemoaning the loss :-) Hope it hurts and makes them realize that owning a football club can get very expensive when it's not done properly. Now they just need to wipe of the rest of the money they have accrued making mistake after mistake and then i'll be even more happy than i am now! :-) Off to open my bottle of Jamie and have a drink to them.

I dread to think how you are going to react in years to come, when there is no longer any debt and the shareholders are raking in a healthy profit.

I suppose you will just expect them to not take it and use it to fund free season tickets.

You'll be needing a hefty supply of Jamesons them.

[vblockranger]

I dread to think how you are going to react in years to come, when there is no longer any debt and the shareholders are raking in a healthy profit.

I suppose you will just expect them to not take it and use it to fund free season tickets.

You'll be needing a hefty supply of Jamesons them.

This lot? 4 years and made no progress so why do you think they will get it right in the end? We will all be here long after this lot has gone. Then i will get my hefty supply in!

[stainrodisalegend]

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.

Which most fans applauded to the hilt at the time...

Well done the board.

[W3QPRHA4]

I'm with V Block on this one I'm afraid… call me what you like

Been swallowing too much bull 5hite PR by Fernandes and Co, this isn't any different and this isn't a clear cut as everyone seems.

Do not kid yourselves, These guys are business men, they don't write of £60m because they love the club, are "good" people or are fans!

They've tried to avoid FFP fines and I doubt very much we've heard the end of this…

Once the full accounts have been released (And not the sugar coated PR they've released) we'll know a bit more.

YES its good that they have written off the debt, which is good for QPR whichever way you look at it, but not because they're "nice" people/great guys because they're trying to avoid a BIG fine.

This is an interesting read on the subject:

http://www.financialfairplay.co.uk/l...all-they-seem?

[Ginger Ninja]

If that article is true, not even I can defend the board.

[TBLOCKRANGER]

My understanding is the year we were in the championship, if we had losses of more than £8m we would be liable to a fine, due to us having massive losses the fine is potentially massive.
The owners have written off £70m worth of loans thus in effect injecting equity into the club. This means our losses are only £9m thus a fine will be on £1m being £9 minus the £8m we were entitled to lose.
Clearly the move by the board was to avoid a massive fine and that can only be good.
The concern is whether the owners will attempt to recoup these losses later, say we stay up will they just take £70m back. Adverse effect is money that should be used to build up the team is simply used to pay off losses, noticeable this transfer window no deals were done so losses do have a detrimental effect on how we progress.
£70m losses are huge amounts to simply write off even for the mega rich. The Mittal family stalled at paying an extra £20m or something to pay Briatore for an outright control of the club, seems strange a few years on they would be happy to simply write off a similar amount without recouping due to a folly of poor transfers and high wages.
Also the £70m write off simply artificially inflates what the club is worth, as if sold the owners will sell most likely for what it's worth plus £70m.
I think short term the owners move to write off is clearly good but what else could the club do, we are a small club so can't rely on sponsorship to bail us out like the big clubs. If we did nothing we would have been hit with a massive fine.
However in the long run I don't think it's great as it may mean tv revenue of the future won't be used to build up the squad but instead to pay back to the owners.
If we go down then the owners are less likely to invest and more likely desperate to sell at an inflated price.
Hopefully the new stadium and land investments will be our saviour.

[kron-1664]

Which most fans applauded to the hilt at the time...

Well done the board.

that is an embarassing post stainrod , of course fans will back any signings. Its up to the people in charge to make the right ones or face the financial consequences. I am a fan of Fernandes but any right minded R s fan surely knows he has made a right F U of the finances so far

[Rangers77]

Which most fans applauded to the hilt at the time...

Well done the board.

This. What #####s we were. Just like Tony. Remember my mate and I were in a pub praying we'd do the deal and bring SWP in. #####s all of us. It cost me- and most of you- some money and time. A lot of hope. But not £60M......

[QPRDave]

I'm with V Block on this one I'm afraid… call me what you like

Been swallowing too much bull 5hite PR by Fernandes and Co, this isn't any different and this isn't a clear cut as everyone seems.

Do not kid yourselves, These guys are business men, they don't write of £60m because they love the club, are "good" people or are fans!

They've tried to avoid FFP fines and I doubt very much we've heard the end of this…

Once the full accounts have been released (And not the sugar coated PR they've released) we'll know a bit more.

YES its good that they have written off the debt, which is good for QPR whichever way you look at it, but not because they're "nice" people/great guys because they're trying to avoid a BIG fine.

This is an interesting read on the subject:

http://www.financialfairplay.co.uk/l...all-they-seem?

I personally don't see why, if the boards motive is to avoid a big fine that is a problem....I expect them along with other clubs to do their best to avoid these disgusting fines.
Lets not forget this ridiculous ruling is at this moment being challenged in the courts, and the sooner the FL get a good hiding in a court room themselves on this the better.

[Rangers77]

M orons was edited in that last post. But I should have written #####s, ####wit or total #####.

[vblockranger]

I'm with V Block on this one I'm afraid… call me what you like

Been swallowing too much bull 5hite PR by Fernandes and Co, this isn't any different and this isn't a clear cut as everyone seems.

Do not kid yourselves, These guys are business men, they don't write of £60m because they love the club, are "good" people or are fans!

They've tried to avoid FFP fines and I doubt very much we've heard the end of this…

Once the full accounts have been released (And not the sugar coated PR they've released) we'll know a bit more.

YES its good that they have written off the debt, which is good for QPR whichever way you look at it, but not because they're "nice" people/great guys because they're trying to avoid a BIG fine.

This is an interesting read on the subject:

http://www.financialfairplay.co.uk/l...all-they-seem?

Agree with everything you posted and that link with the theory it purports is the concern i have. Not that they paid £60 million which can only be good but that yet again they treat the fans as mugs by spinning some PR about them doing us a favour and paying off a £60 million loan. They are trying to wriggle out of the FFP fine and think by injecting the £60 million into profit and loss that will get us out of it. Could well get lumped with the £50 million fine even though they have done this. Would love to see the chumps faces if this happens. It's a gamble but then most of what they have done in the 4 years has been a gamble. They just tend to lose most gambles.

[Kevin Mcleod]

If that article is true, not even I can defend the board.

Read it ginge! It's not even properly worded! It's the ramblings of a bitter illiterate! So by that you can be certain its bowlarks