QPR Finances 2023/24

Little By Little

Queens Park Rangers 2023/24 financial results covered “a season of two halves”, according to chairman Lee Hoos. The first half was not great, so head coach Gareth Ainsworth was dismissed at the end of October with the club in the relegation zone. However, results improved under Marti Cifuentes, so QPR finished the season strongly in 18th place.

There were some other changes off the pitch, as Christian Nourry replaced Hoos as chief executive, while director of football “Sir” Les Ferdinand and technical director Chris Ramsay both left the club.

League Position

Having spent three out of the four seasons between 2011/12 and 2014/15 in the Premier League, QPR are now in their tenth consecutive season in the Championship. During this period, they have spent most of the time in the bottom half of the table with their best finish being ninth in 2020/21, while the last two seasons involved battles against relegation.

There was another disappointing start to this season’s campaign, when the Hoops only won one of their opening 16 games, leaving them bottom of the Championship, but results have picked up since then, so they are currently in a respectable 14th place.

Profit/(Loss) 2023/24

QPR’s pre-tax loss reduced from £20.3m to £13.5 m, as revenue rose £2.6m (11%) from £23.3m to £25.9m, while profit from player sales more than doubled from £1.0m to £2.2m.

In addition, operating expenses were cut by £4.4m (10%) to £41.1m, but net interest swung from £0.8m receivable to £0.6m payable.

All three revenue streams were higher, led by gate receipts, which increased £1.2m (22%) from £5.7m to £6.9m. There was also good growth in commercial, up £1.0m (11%) from £8.7m to £9.7m, and broadcasting, up £0.5m (5%) from £8.8m to £9.3m.

QPR continued to cut costs, so wages fell £1.6m (6%) from £25.4m to £23.8m, while player amortisation virtually halved from £3.1m to £1.6m.

In addition, other expenses decreased by £1.8m (11%) from £15.3m to £13.5m, though depreciation rose £0.5m (27%) from £1.7m to £2.2m.

Following the improvement, QPR’s £13.5m pre-tax loss is around mid-table in the Championship, which is a division where very few clubs manage to make money. In fact, of the clubs that have published accounts to date for last season, only Watford are in the black.