Queens Park Rangers have released their latest accounts for 2023, which make for terrible reading as the club reports losses of more than £20 million for the third year in a row.
The London club is in a tough relegation battle in the Championship, but they are only one point away from safety, having won two and drawn one of their past four league games, including wins away to Blackburn Rovers and Bristol City.
After a poor start to the season under former manager Gareth Ainsworth, ex-Hammarby boss Marti Cifuentes took over at Loftus Road in October and has kept Rangers in the fight for safety.
In 19 games in charge of the relegation-threatened club, the Spanish coach has led the team to six wins and six draws, averaging 1.26 points per game in England’s second division. At this present rate, Queens Park Rangers will accumulate 47 points by the end of the season.
vHowever, the QPR board appears to be betting on Cifuentes dragging the team out of the relegation zone to avoid a disastrous demotion to League One, which may land the club in difficulty off the pitch when the current accounts were disclosed.
According to sports finance specialist Kieran Maguire on X, now known as Twitter, the West London club incurred operating losses of a further £21.4 million in the fiscal year ending May 2023, making it the third year in a row that QPR has lost £20 million or more. Furthermore, QPR lost around £411,000 each week for the year that was accounted for.
Queens Park Rangers should remain under FIFA’s Financial Fair Play regulations despite disallowable charges such as the club’s academy and other infrastructure expenditures. However, the club is clearly on a tightrope.
These testimonies are undoubtedly concerning for supporters, and they put even more pressure on Cifuentes to help navigate the ship back to safety in the Championship for at least another season. Overall, the Spaniard has performed admirably at the helm.
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