Harry Redknapp does like to bankrupt a club doesn't he?
Okay - random thoughts on the accounts:- '£3.3m increase in turnover was driven largely by increased fees for players out on loan and improved on-pitch performance particularly towards the end of the season.' Specific factors included finishing one place higher in the Premier League, higher average attendances and reaching the semi-final of the League Cup.- the directors report makes reference to the 'value driven approach to squad building' now employed.- season ticket sales for 13/14 were up 8%.- 'The directors believe that the combination of managerial continuity, increased revenues as a result of the new three year central television deal, higher attendances and tight control of players' wages should provide a very good platform for a sustainable future for the club in the Premier League.'- 'The directors believe that the Group will be compliant with the Premier League's recently adopted Financial Regulation, both Short Term Cost Control and Profitability and Sustainability, 2013/14.'- Operating loss before player transactions was £24m (2012: £33m)- The club spent £20m in cash on day-to-day activities and £20m (net) on player trading. This was financed by Randy.- Turnover has been split in to five categories, rather than the three of last year - £13m gate receipts, £46m broadcasting, £8.5m sponsorship, £16m commercial, £0.5m UEFA solidarity and prize money. Gate receipts were up £0.8m on last year. Broadcasting income was up £2.3m on last year. Sponsorship was up £0.4m on last year and Commercial income was pretty consistent.- Wages actually rose to £72m from £70m giving a wage to turnover ratio of 86%.- £2.2m was spent in termination costs - presuambly to TSM and Norwich;- Salaries for the 3 directors (Randy, Faulkner and Russell) totalled £423k (2012: £425k). If you assume Randy got nothing, the accounts would suggest Faulkner got £251k.- No interest was charged on Randy's loan.- Add on payments in respect of players signed totalling £2m and which we'd previously expected to have to pay have been reversed in these accounts meaning we don't expect to have to pay them any more.- Total amount due to Randy at 31 May 2013 was £179m but he transferred £90m of this to share capital in December meaning he'll only realistically get that back if he sells up.- Potential add-on clauses on transfers could cost us £8.4m (2012: £5.2m). These haven't yet been recognised in the numbers.- Since May 2013 we've spent a further £18.3m (net) on transfers.I'm sure there's more in there but that'll have to do for now as I've ran out of time.The accounts aren't terrible but aren't as good as I'd hoped either. My main concern with the numbers is the substantial loss before player transactions. That needs to be sorted or Randy will have to continue putting money in. The directors telling us that they're compliant with FFP doesn't really comfort me as I'm fairly sure you can lose £35m a year and still be FFP compliant which I'm sure isn't how Randy wants to run the club.
Thanks. Are these comments based on the officially released accounts? If so, can you provide a link to them, please? Cheers.
I notice that QPR's losses in 2012/13 were worse than any other English club.
Quote from: damon loves JT on March 06, 2014, 02:04:47 PMI notice that QPR's losses in 2012/13 were worse than any other English club.I read today that QPR spend more on wages than Borussia Dortmund do.Mindboggling.