QPR Accounts to 31 May 2025

[SheepRanger]

Here's the summary:

- Turnover increased £2.1m to £28m
- Operating losses after player trading increased by £5m to £18m.
- Without signing new players losses would have been £11.6m
- Debt increased £6.1m to £70.9m
- Shareholder financing came to £19m

Our owners are therefore putting in just shy of £1.6m a month to keep us going.

In the accounts to 31 May 2026 we would get circa £9m from the Eze sell on clause, but we have spent most of that in the summer and winter transfer windows.

CR said in his recent Q&A that they would like losses to be around the £10m mark. Well, with annual losses of £18m we need a net transfer gain of £8m in the summer. It was rumoured that we were after £7m for Varanne.

Truly scary numbers and we are so lucky to have our owners.

https://find-and-update.company-information.service.gov.uk/company/03197756/filing-history

[Abseits]

You'd think after spending a couple of years idiotically thinking we could get £6+million for Chair we'd have a more grounded and realistic view of Varane's worth. I'd be staggered if anyone offered even a million for him this summer - the idea he could plug a hole in our finances is totally ridiculous.

I cannot profess to understand "high finance" but it's baffling why Ruben and Co. keep digging deep to keep us afloat. It can't be altruism or love of W12... they must be offsetting the losses against some profits elsewhere or something.

[SheepRanger]

There does seem some interest in Varane and St Etienne were rumoured to have offered £7m which was conditional of then getting promoted to the top division. We wanted the full £7m up front and they backed off. They're current in third. Other soundbites suggest there are other interested clubs. Whatever the price Im sure he'll be gone this summer.

But what other players could we sell in the next couple of seasons? Burrell has had a great start, but could anyone see him go to a bottom tier club in the premiership? I dont think so, but perhaps we can get £2m players from League 1 and sell them to relegated teams from the premiership for £5m???

Im glad the Board have invested to keep us a championship club, but being a self sustainable club looks a fantasy from these figures.

As Abs says, why anyone would be happy for things to improve to only lose £10m a year is beyond me.

[djp]

The thing I find most worrying is which players have actually increased in value compared to what we spent on them? It seems it is literally only Madsen and Varane at present. I am honestly shocked that St Etienne were prepared to pay £7 million if promoted. I also worry that we are going to have to cash in on someone vital to the team and for an amount that only puts a dent in these losses, Dunne for example I think a number of teams would be interested in but doubt we would get more than £3 million for him.

[djp]

Out of interest, what would be the all important FFP loss based on these Accounts? Has anyone worked that out?

[FurtiveFox]

Think current issue is the way the team plays is not showcasing the younger players who could improve and earn us some money.

We have a weak spine in both defence and midfield and totally unconnected forward play. Is a real problem. On paper looks like we should be pretty good in this division with some decent young, exciting players and a few experienced heads and others in their prime. However as Brian Clough said football is played on grass!

Is frustrating as looking at the possible central defence and midfield options we should be ok and why are we so disconnected going forwards? We all too often look like a bunch of individuals rather than a cohesive unit.

Don't get me wrong a mid table season is a vast improvement on recent years but can't help but feel we could be better. Not a criticism of manager as has been the same for probably 5 years under different managers. The difference this year is we have far more squad depth but that has not done away with the issue.

[SheepRanger]

Out of interest, what would be the all important FFP loss based on these Accounts? Has anyone worked that out?

The club has said previously it never disclosed its FFP / PSR position as it may put us at a disadvantage during sales negotiations. But amounts for development and women's teams, stadium and infrastructure are deducted.

I think Madsen cost us £4m, and doubt that has increased and he hasnt progressed to a premiership player. I think Burrell was £1m & Kone £5m with add ons. Burrell may be a £7m player soon, but doubt Kone has increased. Vale hasn't really done anything, and the same goes for Saito & Dembelle. We paid £4.5m for Edwards and hes got a lot to do to increase that value. I suppose Morgan might develop further but its too early to tell. No doubt there'll be a few who will run down their contracts and leave for free too. I think the rumour was that Varane had an offer of £4m and another £3m if they got promoted....hopefully they do go up and they offer the full amount in the summer. One thing is for sure, there isnt a future £30m Eze type star in the squad.

Hopefully Burrell & Kone can progress next season and we cash out at the end of Year 2. The others, maybe sell to get our money back and churn the dosh hoping to hit gold.