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Company Accounts - 31 May 2020

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  • Company Accounts - 31 May 2020

    These have just been released by Companies House.

    Summary of season ended with games without fans.

    1) Turnover 18.3m which is down from 34.6m due to the ending of parachute money
    2) Ticket sales of 4m which is down from 5.4m due to Covid
    3) Operating losses increase to 15.5m from 9.4m the previous year
    4) Club debt has increased to 50.2m from 33.8m at of the previous year.

    I'm sure the accountants out there can read more into the report than this basic summary.

    50m in debt and at the last count we were losing 1.3m a month - WOW!

    https://find-and-update.company-info...filing-history

  • #2
    Thanks for this Sheep. It does put into sharp focus demands from more optimistic fans such as "we must still have loads of that Eze money to invest", or (a particular favourite) "you have to invest if you want to progress". I want Johansen, Charlie, a great right back etc as much as any fan but we should acknowledge the board are already sinking fortunes into the club and even if they do "invest" and get into the play offs, there is still only a 25% chance of promotion. Thankless job running a football club in many ways, none of us would want to put our money into it.

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    • #3
      Originally posted by stainrodisalegend View Post
      Thanks for this Sheep. It does put into sharp focus demands from more optimistic fans such as "we must still have loads of that Eze money to invest", or (a particular favourite) "you have to invest if you want to progress". I want Johansen, Charlie, a great right back etc as much as any fan but we should acknowledge the board are already sinking fortunes into the club and even if they do "invest" and get into the play offs, there is still only a 25% chance of promotion. Thankless job running a football club in many ways, none of us would want to put our money into it.
      Thanks Stan.

      The Eze money wouldn't be reflected in these accounts because he was sold after the 31st May 2020. At best that 16m may offset the 15.8m loss shown here, but we would have lost all ticketing money this season but gained some streaming money.

      From the Companies House record on the 10 Apr 2021 we announced a debt write-off in exchange for more shares being issued. That may reduce the 50m debt next year, but the owners will have lost that money they paid in.

      I think they bought the club for 40m and wrote off 180m of debt when FFP came knocking, and now add another 50m to those figures. It would seem they have sunk circa 300m into little ol' QPR. Madness, but it's their money.

      You finished off your post by saying that none of us would put our money into it. Well many did buy shares many years ago and lost the lot!

      Comment


      • #4
        The accounts show up to the 31 May 2020 so the money received for outgoing transfers and the cost of incoming players will not show until May 2022.
        We still have to be run on a very tight budget, but hopefully the ffp rules will be done away with in the next couple of years as being unlawful if successful.

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        • #5
          Originally posted by Macca View Post
          The accounts show up to the 31 May 2020 so the money received for outgoing transfers and the cost of incoming players will not show until May 2022.
          We still have to be run on a very tight budget, but hopefully the ffp rules will be done away with in the next couple of years as being unlawful if successful.
          Season 20/21 shows a net gain of 10.2m in player trading (Eze money less fees paid for Dickie, Dykes etc)

          This doesnt even cover the losses of 15.5m for the season before. With additional lost ticket revenue of the 4m we got the season before, the losses to the 31 May 2021 could still be circa 9m.

          https://www.transfermarkt.co.uk/quee...saison_id/2020

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          • #6
            Originally posted by SheepRanger View Post

            Season 20/21 shows a net gain of 10.2m in player trading (Eze money less fees paid for Dickie, Dykes etc)

            This doesnt even cover the losses of 15.5m for the season before. With additional lost ticket revenue of the 4m we got the season before, the losses to the 31 May 2021 could still be circa 9m.

            https://www.transfermarkt.co.uk/quee...saison_id/2020
            Agree but these are not normal times. So many clubs finances will have been decimated by Covid on top of any existing struggles. There will have to be temporary concessions on FFP. We have wealthy owners who seem committed and I suspect are anticipating having to put their hands in their pockets at least to a degree to make up for this season's much lower revenues. I can see us being better placed than some other clubs.

            However finances will be tight and it will be interesting to see how that affects our summer activities and more generally the top two divisions given how ridiculous the money side of the game has been allowed to become.

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            • #7
              Am not 100% convinced financial fair play is the issue. We are always told that our owners are wealthy but in football terms, how rich is Fernandes for example? When he bought the club I vaguely remember reading he was worth about 500m. A fortune to most of us - but If he has lost, say, a hundred million on QPR, meanwhile his airline suffered a crash while even the biggest airlines have been warning about going out of business during covid. I read another report saying that Reuben is worth a reported 1bn through his father, but even for him the 300m these owners have apparently lost collectively would, for eg, represent a third of his wealth. Imagine the conversation with your wives if you said some venture had lost a substantial part of your fortune but you wanted to sink more in? So when fans say the owners just have to "put their hand in their pocket" am just not sure they will see it like that.

              Think this transfer window will tell us a lot about the willingness and crucially the ability of our owners to spend - if FFP is suspended, will they turn on the taps? Or were the shackles put on a few seasons back more because they aren't prepared to keep chucking vast fortunes down the toilet, and FFP only part of the story? Obvs I hope they do spend (not crazy amounts but enough to buy Johansen in particular) - but we should not expect it, or still less assume it.

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              • #8
                I’m sure I read somewhere at the start of this “pandemic with covid “ lee hoos said the owners are writing cheques each month for a million with nothing in return I may been wrong and got my wires crossed or something along them lines .

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                • #9
                  If you are worth 1bn or even 500m then you probably make much more than 12m a year without even doing anything. Money comes to money as they say and running QPR is probably like an expensive hobby to these guys. As long as they have hope of a new stadium and the associated property development opportunities in London I've no doubt they'll stick around.
                  "I don't read the papers, I don't gamble, I don't even know what day it is." - Steve McClaren.

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                  • #10
                    I think the pleasing thing is that we now have players on lengthy contracts that other clubs want to buy.

                    Even if the debts went up to 70m with additional running costs and the build of the new training facilitiy, if the rumour are to be believed we have close to 50m in players that could be sold. Perhaps, Chair (8m), Dieng (10m), Dykes (15m) and Dickie (15m). These figures could be higher if we have a good 21/22 season.

                    The accountancy figures dont look good, but we are close to being a sustainable club if players could be sold for those prices, if needed.

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                    • #11
                      If you look at the personal wealth of the majority of football club owners, a huge amount of them are seriously rich. However, this does not translate into revenue/income for the club due to FFP restrictions and the liquidity of the outwardly rich owners or simply they have the common-sense not to pour too much of their own cash into a cess-pit containing grubby agents and moderately talented footballer pillocks.

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                      • #12
                        To be clear, the owners are digging deep in their pockets to keep the club moving.

                        Some may argue otherwise, but we have a good set of owners at QPR, who have stuck with it, even if they did appoint some sh1t managers.

                        Others have left for less... we've turned a corner that is for sure.

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                        • #13
                          Originally posted by Kingaustin View Post
                          I’m sure I read somewhere at the start of this “pandemic with covid “ lee hoos said the owners are writing cheques each month for a million with nothing in return I may been wrong and got my wires crossed or something along them lines .
                          They are.. 100% digging deep.

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                          • #14
                            Originally posted by Kingaustin View Post
                            I’m sure I read somewhere at the start of this “pandemic with covid “ lee hoos said the owners are writing cheques each month for a million with nothing in return I may been wrong and got my wires crossed or something along them lines .
                            That was the case. But as you on the summary at the start of the thread the losses for 19/20 were 15.8m so if you divide that by 12, for this accounting year they were putting in 1.3m a month to keep the club going and 'invest' in the future. I believe some of these losses may have included the purchase of the Heston training site. Future losses will be the development costs of the site.

                            i know our owners are wealthy but I very doubt we'll see the likes of Chair, Dieng, Dykes and Dickie leave the club for free. At some point, hopefully season 22/23, they will be sold if they dont extend their contract with us or we fail to get back into the premiership.

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                            • #15
                              https://gameofthepeople.com/2021/05/...-despite-loss/

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