EPL side Queens Park Rangers announced a "drastic cut" in its losses, although it "may not protect the west London club from being fined by the Football League," according to Gary Jacob of the LONDON TIMES. The club said it made a loss of £9.8M as it "successfully returned to the top flight last season, although the full financial picture" will not be clear until its accounts are "made publicly available at Companies House this week." A year ago, QPR made a loss of £65.7M and "many expected the club to record a deficit running into tens of millions this time." Monday's figures are "therefore a surprise." However, the "apparent good news is not the entire story and it is unclear whether the club's spending breached Financial Fair Play (FFP) limits last season in the second flight" (LONDON TIMES, 3/2). In London, Kadhim Shubber reported Air Asia tycoon and QPR Chair Tony Fernandes and steel magnate Lakshmi Mittal have written off loans worth £60M ($92.2M) to the club. QPR "declared the write-off" as it posted a £9.8M loss for the year to May '14, an 85% improvement on the £65.4M loss it made in the previous year. At the close of the January player transfer window, during which QPR did not buy any players, Fernandes "signalled the days of spending big on new players was over." He tweeted on Feb. 2, "No more cheque book. We have good players. Bought all the players manager asked for in summer" (FINANCIAL TIMES, 3/2). SKY SPORTS reported QPR's accounts show expenditure was reduced by £22M ($33.8M) while shareholders "have strengthened the club's balance sheet" by writing off £60M of shareholder loans. The club said in a statement, "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." The Football League has said it will "make no comment on QPR's figures in respect of a Financial Fair Play issue which has been hanging over the club for some time" (SKY SPORTS, 3/2).
