web analytics
4 Comments

QPR financial crisis: Aren’t you glad we got Daves

TonyThe recent published financial accounts show West Ham have made a record turnover of nearly £115m  last season with record profits of over £10m.

Our £100m plus bank debt is now funded by shareholders rather a consortium of banks who care little of what happens on a football pitch.

By contrast one-time wanabee Hammers chairman Tony Fernandes, now at the QPR helm, seems to go from bad to worst.

Last month the Loftus Road club sent the Football League their accounts for 2013-14, the period covered by new financial fair play rules.

The club could be hit with a multimillion-pound fine and whilst both QPR and the league confirmed the accounts were sent on time on 1st December neither would discuss the financial position disclosed.

The possible QPR fine is expected because in the previous season, 2012-13, they lost £65m despite earning Premier League income of £61m.

QPR paid their staff, including players, £78m in the year to 31st May 2013. If there losses were as high as the previous season they could face a fine of up to £54m. The rules should impose a fine of approximately £7m for a loss to £18m, then an extra pound for every pound above that.

In the meantime they have paid West Ham a £500,000 loan fee for Mauro Zarate together with his full £40,000 per week wages. It is also claimed they are prepared to pay £60,000 per week to land former Hammer Jermain Defoe on loan from the MLS.

And on to of all this  the recent tragic loss of the Air Asia plane, could see Tony Fernandes’ personal fortune in jeopardy if the accident has a knock on effect to customer confidence.

Fernandes once tried to buy West Ham on the cheap but chairman David Sullivan branded the offer as derisory saying “He wanted 51% of the club for two bob.”

Fernandes responded at the time saying: “Make up your mind Sullivan and Gold. One minute you say no offer then you say it’s a joke. It was a good offer with good money and brought in good people.Gold and Sullivan can say whatever they want. I have been a lifelong fan and would have brought good money, good ideas, new people and a new belief.”

We should soon know what sanctions will be imposed on QPR but I for one know which Chairmen I prefer to steer the financial and football fortunes of our club.

Click Here for Comments >
 

About Sean Whetstone

I am Season Ticket Holder in West stand lower at the London Stadium and before that, I used to stand in the Sir Trevor Brooking Lower Row R seat 159 in the Boleyn Ground and in the Eighties I stood on the terraces of the old South Bank. I am a presenter on the West Ham Podcast called MooreThanJustaPodcast.co.uk. A Blogger on WestHamTillIdie.com a member of the West Ham Supporters Advisory Board (SAB), Founder of a Youtube channel called Mr West Ham Football at http://www.youtube.com/MrWestHamFootball, I am also the associate editor here at Claret and Hugh. Life Long singer of bubbles! Come on you Irons! Follow me at @Westhamfootball on twitter

4 comments on “QPR financial crisis: Aren’t you glad we got Daves

  1. If they manage to stay up, they likely would claim the Football League has no jurisdiction over them and refuse to pay the fine. The situation could become catastrophic for them if they go down. They would either have to pay the fine or risk having the Football League refuse entry, in which case they could drop all the way down into The Conference. That’s my understanding, Sean, but I’d trust your read on it if I’m wrong.

  2. The answer is, no-one really knows. This is new territory and could get messy in the courts. What is going on at QPR reminds me of the Icelandic’s and the biscuit baron. It will all end in tears, mark my words.

  3. I don’t think beating on the guy by mentioning the loss of life due to the accident with the plane is nice. In fairness to him the way he handled that situation from the outside looking in appeared to be with dignity, compassion and putting the passengers relatives foremost. Yes I am Happy we have the David’s they are managing the financial situation of the club well and are trying to build a brand.

  4. Where is the edit function when you need it, mentioning the loss of a plane which resulted in a tragic loss of life was the phrase I was looking for above.

Comments are closed.