Of course some of the expenses are one time only: The redevelopment of (parts of) the ground; etc, etc.
But can't help believing that our owners (we sound like pets: "Our owners") would have hoped to have done better given the amount of money spent. To reiterate what I've said more than once: We have indeed spent a lot. (Just look at those wage increases on the chart in the report)
Not sure why we're INCREASING the number of off the field staff.
Last Edit: Jun 28, 2009 18:23:23 GMT by QPR Report
Gianni Paladini to QPR Report: "I would like to thank you for all your time and efforts that you put into QPR. I think you are doing something useful and informative for the club and the supporters."
In the last set of accounts, the Club was in debt to the tune of £25 million. If they've lost a further £6 million, the debt has gone up to £31 million. I merely mention it.
And, according to the Accountants, what was keeping the Club solvent was the value of the Ground. If the Accountants were able to sign the Club off as a going concern - and they did - the Ground was worth at leat £25 million.
And although Briatore & Co have paid off ABC, Briatore said that THEY now own the Ground.
So, according to the last set of Accounts, and Briatore's explanation of the ABC deal, the Club has lost an asset worth £25 million. It has also lost £16 million in accumulated annual losses since Paladini arrived. On top of the £15 million already lost by his predecessors.
£56 million in total.
Talented doesn't begin to describe them.
On the official site, when Briatore & Co took over, it said:
(a) attendances averaged 20,000 (b) debt was £13 million.
So there's your £19 million. £13 million plus £6 million.
Unfortunately, the following spring, the Accounts were published showing that debt ALREADY stood at £25 million, not £13 million, before they took over.
The year, if you remember, that Paladini insisted Club losses would be very low, nothing like £4 million as journalists were saying.
Naturally, Paladini told the truth. He lost nothing like £4 million. It was just under £5 million.
The accounts you've found on Boardroom Blues are the previous set, QPRReport, 2005-2006. I have the 2006-7 ones somewhere but the bare bones - from memory - was £25 million debt, a loss of just under £5 million, and the Accountants just barely signing the Club off as a going concern. Boardroom Blues - somewhere, I'll look it up if you can't find it - gave the figure for the most recent valuation of the Ground, and the name of the estate agent who provided it.
The 2006-7 accounts also referred, rather curiously, to a sum of £2 million, which, if it was debt, would mean the Club was bankrupt and the accounts couldn't be signed off.
The Accountants made only the vaguest reference to this sum. Maybe I missed something, maybe they didn't know much about it, maybe they didn't want to say.
But your £6 million was there, too. In a note, at the end of the Accounts, on spending since the accounting date.
A figure of £6 million spent on ...... players.
Naturally I laughed. When can we expect them to arrive?