QPR post losses of over £22m despite cutting transfer spend

QPR are in the Championship relegation zone (Getty Images)
QPR are in the Championship relegation zone (Getty Images)

Queens Park Rangers posted losses of more than £22million in 2023, according to the club’s latest annual report.

While that marks a slight improvement on losses of £24.2m the previous year, it is an alarming figure given QPR spent nothing on player purchases in the 2022-23 season as they seek to improve their financial situation.

Shareholders, including Ruben Gnanalingam, Richard Reilly and Lakshmi Mittal, continue to fund the losses and leant the club more than £30m last season.

QPR are unlikely to ever be able to repay those loans, and so they are due to be converted into shares in the company in the medium term.

Player sales in 2023 earned the club £2m, but wage spending is nine per cent above the club’s total income, while £12m was spent last year on improving facilities at the club’s new training ground.

QPR still owe the EFL £10.2m of the financial fair play settlement fine they agreed in 2018 for historic overspending on player transfers.

The club’s ability to finance future transfers is set to be boosted in the summer once the expensive 2021 purchases of Charlie Austin and Stefan Johansen roll out of the three-year FFP cycle.