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QPR announce big losses

QPR's debt has increased to £177m after the club lost £65.4m last season, when it was relegated from the Premier League.

Last Updated: 06/03/14 at 15:22 Post Comment

QPR announce big losses in their lastest financial report

QPR announce big losses in their lastest financial report

The owners have lent the club £72.7m plus they have also secured a short-term bank loan of £15m which have seen the club's debts increase by £86m in the space of 12 months.

At the same time wages rose from £58.4m in 2011/12 to £78m last season, Rangers having spent heavily on players including buying Christopher Samba, Ji-Sung Park, Loic Remy and Jermaine Jenas; their arrivals helped wages rise to nearly £80m while the club's overall turnover was only £60.6m.

QPR chairman Tony Fernandes said: "Clearly in 2012-13 the club did not meet its performance targets and was relegated from the Premier League.

"A critical driver of any club's value is its presence in the Premier League, and the club is focused on regaining its Premier League status as quickly as possible.

"The financial results reflect the club's focus on trying to achieve on-pitch success."

QPR could find themselves facing a large fine and a transfer embargo under the Football League's financial fair play rules, unless the club can win promotion back to the Premier League this season.

They are currently fourth in the Championship table - nine points adrift of Burnley in the second automatic promotion slot - but they do have one game in hand.

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