QPR announce losses of £9.8m
Premier League strugglers QPR have announced losses of £9.8million for the financial year ending May 2014.
Following relegation from the top flight in 2012-13, the Loftus Road club bounced straight back via the play-offs last season, but are just one place above the drop zone, ahead of Burnley and Aston Villa on goal difference.
The club's records showed a loss of almost £10m, although expenditure has been significantly lessened and £60m worth of debt has been written off.
"Expenditure was reduced by £22m, mainly driven by lower player costs and this trend will continue in future years as the club will continue to bring losses down," a statement read.
"In addition, the club's shareholders reiterated their long-term support for the club by strengthening the club's balance sheet by writing off £60m of shareholder loans.
"The club's shareholders and directors are of the opinion that the club is moving in the right direction and on track with its mid-term and long-term business plans.
"The impact of relegation and promotion inevitably has a material impact on the short-term financial results of clubs but the shareholders are comfortable that the medium-term outlook is positive with Premier League revenues growing and the club's costs continuing to fall."