Queens Park Rangers’ 2024/25 financial results covered a season that was eerily similar to the previous year, as they once again endured a “difficult start”, finding themselves bottom of the Championship, though made a strong recovery to finish in 15th place, which was actually their best result for three years.
Nevertheless, head coach Marti Cifuentes was dismissed in June, despite the board appreciating his “efforts in stabilising the performances of the club during the 23/24 season and in ensuring our safety in the 24/25 season”.
He was replaced by French coach Julien Stéphan, who has previously managed at Rennes and Strasbourg.
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 11th season in a row in the Championship.
They have spent most of this period in the bottom half of the table with their best finish being ninth in 2020/21, while the last three seasons have all involved (ultimately successful) battles against relegation.
To date, this season’s campaign has proved more comfortable, as Rangers currently find themselves mid-table in the Championship, 14 points above the relegation zone and only four points below the play-off places.
Profit/(Loss) 2024/25
QPR’s pre-tax loss widened from £13.5m to £20.3m, despite revenue rising £2.1m (8%) from £25.9m to £28.0m and profit on player sales slightly increasing from £2.2m to £2.3m.
This was more than offset by a steep increase in operating expenses, which rose £7.7m (19%) from £41.1m to £48.8m, while net interest payable almost tripled from £0.6m to £1.5m.
The revenue growth was very largely driven by the new EFL TV rights deal, which led to broadcasting increasing £2.5m (27%) from £9.3m to £11.8m, as there were small reductions in the other two revenue streams.
Gate receipts fell £0.1m (2%) from £6.9m to £6.8m, while commercial was down £0.3m (2%) from £9.7m to £9.4m.
Following some investment in the squad, QPR’s staff costs increased. As a result, wages rose £3.7m (15%) from £23.8m to £27.5m, while player amortisation shot up £0.9m (55%) from £1.6m to £2.5m.
In addition, other expenses increased by £2.1m (15%) from £13.5m to £15.6m, while depreciation rose £1.1m (54%) from £2.2m to £3.3m.
Seven Championship clubs have to date published accounts for 2024/25 with only one of them managing to generate a profit – and that was just £0.3m at Plymouth Argyle.
Nevertheless, QPR £20.1m pre-tax loss is the second largest so far, only “beaten” by Norwich City’s £20.7m.
