QPR Finances 2022/23

Love Went Mad

Queens Park Rangers’ 2022/23 financial results covered a disappointing season when they finished 20th, nine places worse than the previous year. Chairman Lee Hoos drily noted that the team’s results “were sufficient for us to retain our position in the Championship”, which only underlined the diminished scope of the club’s ambition.

There was a lot of managerial upheaval in West London. In November 2022 head coach Michael Beale opted to return to Glasgow, only a few weeks after informing the fans that “integrity and loyalty” were very important to him.

He was succeeded by Neil Critchley, who lasted only three months, with former player Gareth Ainsworth arriving in February. After another poor run of results this season, Ainsworth was also shown the door, replaced by former Hammarby manager Marti Cifuentes.

Profit/(Loss) 2022/23

QPR’s pre-tax loss reduced from £24.7m to £20.3m, as revenue rose £1.2m (5%) from £22.1m to £23.3m and profit from player sales increased from £0.2m to £1.0m.

In addition, operating expenses slightly decreased by £0.9m (2%) to £45.5m, while net interest swung from £0.7m payable to £0.8m receivable.

The main reason for the revenue growth was commercial, which increased £1.4m (19%) from £7.3m to £8.7m, while gate receipts were slightly up, rising £0.1m (2%) to £5.7m. However, broadcasting fell £0.3m (4%) to £8.8m.

After a steep increase in the cost base the previous season, QPR reined back a little on staff costs in 2022/23, as wages were cut £2.2m (8%) from £27.6m to £25.4m, while player amortisation dropped £0.5m (14%) from £3.6m to £3.1m.

On the other hand, other expenses continued to grow, rising £1.4m (10%) from £13.9m to £15.3m.

Despite the improvement, QPR’s £20.3m loss is still one of the worst of the nine clubs that have published 2022/23 accounts to date, only surpassed by Norwich City £27.2m and Bristol City £22.2m. That said, very few clubs manage to make money in this very challenging division with only Watford in the black so far last season.