 | Forum
Reply | Club Accounts
at 12:27 19 Feb 2026
Well Co-Pilots view of our accounts…
⭐ Summary of the Main Points from the Accounts
1. Financial Performance
• Turnover: £28.0m (up from £25.9m).
“Group turnover was £28.0m, which is higher than in the previous year (£25.9m).”
• Gate receipts: £6.8m (slightly down).
• Operating loss: £18m after player trading (up from £13m).
• Overall loss for the year: £20m.
“The loss for the year amounted to £20m (2024: £13.5m).”
• Bank reserves: £1.9m (down from £2.2m).
• Net liabilities: £70.9m deficit (worse than £64.8m prior year).
2. Cash Flow
• Operating cash outflow: £13.2m.
• Player purchases: £6.4m (up from £1.1m).
• Shareholder financing received: £19m.
3. Going Concern
• The club is dependent on shareholder funding to survive.
• Three major shareholders have signed deeds of support promising up to £40.6m each until May 2027.
• BUT — these deeds are not legally binding, so the auditors highlight a material uncertainty. “This indicates that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.”
4. Player Trading Strategy
• Club explicitly states it is “fine tuning our player trading model” to comply with league financial rules.
• Aim: self‑sustainability and younger squad profile.
5. Corporate / Debt
• A £10m unsecured bond (6%) issued to the owner’s spouse has been extended to 2030 at 8%, with an option for a charge over the training ground. This is a related‑party transaction with governance implications.
6. Women’s Team
• Brought in‑house from the Community Trust.
• Cost: £260k.
7. Auditor’s Report
• Clean audit opinion.
• BUT: Material uncertainty over going concern due to reliance on shareholder funding.
• No issues with record‑keeping or compliance.
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⭐ How This Looks Against EFL Championship Rules (PSR)
Here’s the key part: Are QPR in danger of breaching Profit & Sustainability Rules?
1. PSR Loss Limits
Championship clubs may lose:
• £39m over 3 years (averaging £13m per season),
• BUT only £5m of that can be actual cash losses — the rest must be covered by owner equity.
QPR’s position:
• Loss this year: £20m
• Loss last year: £13.5m
• Loss the year before (not shown here, but historically high)
This means QPR are almost certainly over the £39m rolling limit, unless:
• Large losses are excluded (academy, women’s football, infrastructure),
• Or owners convert loans to equity.
The accounts repeatedly emphasise:
• Player trading is essential to compliance.
• Shareholder funding is essential to survival.
This is exactly the language of a club operating right on the PSR edge.
2. Going Concern vs PSR
The auditors highlight: “Material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.”
This is not a PSR breach in itself, but it signals:
• Heavy reliance on owner funding
• No sustainable operating model
• High risk if owners withdraw support
The EFL expects clubs to demonstrate secure funding for the season — QPR just about meet this through shareholder deeds.
3. Related‑Party Transactions
The £10m bond to the owner’s spouse, now extended at 8% with potential security over the training ground, is:
• Allowed under EFL rules
• BUT must be declared and may be scrutinised for fair market terms
• Securing the training ground could affect future borrowing capacity
4. Player Trading Model
The club explicitly states this is the core mechanism for PSR compliance.
This aligns with EFL expectations — but also confirms:
• QPR must sell players regularly
• They cannot sustainably compete without sales
• Squad planning is financially driven
5. Shareholder Funding
The EFL allows owner funding, but:
• It must be equity, not loans, to count toward PSR
• These accounts show loans, not equity injections
• That means they do not reduce PSR losses
This is a critical point:
QPR’s reliance on loans worsens their PSR position.
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⭐ Overall Assessment: Are QPR Compliant?
Based on the accounts:
QPR are compliant only because of:
• Player sales
• Owner funding
• Cost‑cutting
• A younger, cheaper squad
But they are operating at the very limit of PSR.
The accounts show:
• Large recurring losses
• Heavy reliance on owners
• No sustainable business model
• A need for ongoing player sales
• A material going‑concern warning
This is exactly the profile of a club that:
• Must sell players each summer
• Cannot afford relegation
• Cannot afford a major wage increase
• Is one bad season away from a PSR breach |
| Forum
Reply | Nourry answers questions
at 09:17 17 Feb 2026
And then you go to the embarrassment of the Plymouth away game. Stephan had been at the club for 5 mins, but suddenly knew enough to play a whole squad of youth players. That was clearly him being told by those from above like Nourry and Cycling Ben from Dubai. You would have thought after the debacle after last season we would have learnt for this season. We get to a point this season where we have injuries galore and we are having to play players like Daniel Bennie who are simply not up to Championship level. I watched him closely against Blackburn and not once did he get round his full back. He kept coming in to play the safe option which was very much like Edwards at right back. Neither got past the full back to get balls in the box. It’s actually becoming a running joke where we sit in the Loft that Stephan does nothing to the squad and then suddenly at 60 mins the subs come on. Everything is pre-planned. It just shows his ineptness of in game management. We go 3-1 down on Saturday and there’s no immediate reaction from the bloke to change the side. By the time he makes the change the game is gone. We need to build a squad of depth and quality. The likes of Bennie etc. should be sent on loan to League 1 or 2 to get the experience to increase their value because playing them at our level is to the detriment of our side. |
| Forum
Reply | Budget?
at 09:47 15 Feb 2026
Nourry confirmed in his Q and A that the budget is based on income from last season. Eze money has come this season so will go into the budget for next season. I think the squad is very unbalanced. We have this obsession with buying small players. Look how Saito was outmuscled for their 2nd goal. Is happening every week. We also have an obsession of playing centre backs at right back. We get rid of Frey and replace him with someone who is injured. We signed Vale last January and he didn’t play until the following season. We seem to be running out of centre mids and send a good one out on loan. |
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Reply | Morgan
at 09:40 15 Feb 2026
I’m afraid Morgan is another one who is not going to make it at this level. The squad is awash with mediocrity. |
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Reply | Next season’s squad
at 09:39 15 Feb 2026
JCS signed a 4 year contract back in Feb with an option of an extra year. The man is going nowhere. Another Nourry masterclass with all the Australian players who aren’t good enough for the Championship. |
| Forum
Reply | Loftus Road / Rangers Stadium - Such a privilege to have as our Home Ground
at 20:24 14 Feb 2026
I love Loftus Rd but we need to do something if we want to progress as a club. We are the only club in the top 2 divisions to have not modernised their stadium or moved to a new one in the last 40 years. Our ground has appeal for all the usual reasons, but it’s 2026. We need to find a way to sort the issue out. |
| Forum
Reply | Blackburn Reflection
at 19:51 14 Feb 2026
Absolutely awful today. There are so many games where Stephan’s in game management is so poor. We had our subs ready to come on for about 10 mins today. We go 3-1 and we have to wait until the usual 60 mins when the cycling bloke gives the nod to make the subs. It’s just pathetic. Don’t start me on Bennie. I don’t know what this obsession is with Australian players. I can probably name about 5 good Aussie players. We have gone on a Dale Winton supermarket sweep there in the last 12 months. I don’t know what the fascination is because I’m not seeing it. Our centre mid ended up with Vale and Morgan which will not win you any game. Makes no sense with how light our squad is in that area of the pitch to send Field out on loan. The amount of injuries in attacking areas is a joke. Kone seems to be getting worse. Saito is having a really poor season. The goalie fills me with no confidence. We continue to play a centre back at right back. Our team is so unbalanced. Nourry’s influence on this squad is very worrying. |
| Forum
Reply | Dembele and Obikwu out for Charlton game
at 11:56 7 Feb 2026
This was posted by the club on 8 Jan and today is 7 February….
FOLLOWING the recent festive fixtures, the club would like to provide supporters with an injury update.
Ilias Chair and Jake Clarke-Salter are continuing their rehabilitations and are expected to return to training later this month.
Liam Morrison sustained a knock during the warm-up ahead of our home fixture with Sheffield Wednesday at the weekend. He was withdrawn from the match as a precaution and is expected to return to training next week.
Jonathan Varane suffered a minor knee sprain during the fixture and is being monitored ahead of a potential return later this month.
Kwame Poku sustained a hamstring injury against the Owls. He is expected to return to training next month.
Rumarn Burrell suffered a contact injury in the game. The striker will undergo further assessment but at this stage is not expected to return before March.
So realistically we were supposed to have Chair and JCS back by end of Jan after their training. JCS has vanished again. Poku has essentially been injured since the first game of the season. Varane was supposed to be back in January. Still nothing. Then we have Obika from
Coventry who managed to get injured in his first training session. It’s appalling and you do feel we are being given a load of bull by the club with these updates. |
| Forum
Reply | Charlton crowd issues
at 07:29 7 Feb 2026
Saw various trains were being cancelled so we ducked out in injury time and made the 2205 back to London. No issues getting on. Know from previous games you either go slightly early or you’re stuck in that queue for ages. The farce at the station for 2 places to tap out was a joke as well at the station. |
| Forum
Reply | Charlton crowd issues
at 22:33 6 Feb 2026
It was appalling to get in. Could have been some serious crush issues there this evening. The stewards were equally bad. Seem to be chucking people out every few seconds. How the hell that place gets a safety certificate I don’t know? We had got there at a reasonable time as well. Entry system was like the old days. |
| Forum
Reply | Don't be Addicks - Charlton Athletic vs QPR Match Thread
at 22:18 6 Feb 2026
So frustrating. Charlton were utter garbage. We have so many players injured at the moment especially in attacking areas so a point is not a disaster. But so many times tonight we get into decent areas and we just pass sideways and backwards for no reason whatsoever. Our record against the bottom teams has been so poor this season. Still amazed we sign a striker and he gets injured in his first training session. |
| Forum
Reply | January transfer rumours
at 14:20 2 Feb 2026
I’m not averse to Field going, but going into a huge chunk of the season with Madsen, Varane, Morgan and Hayden in the middle is worrying. Varane is still injured. Morgan has not been great when he has played in the middle. It leaves us very open in that area of the pitch. If the club have someone lined up who is better than Field then fair enough. Isak and Edwards would be stop gaps and could do a job in the area of the pitch. Field can always cover at left back and at centre back especially has JCS is permanently injured. |
| Forum
Reply | Alan Barnes funeral information
at 21:31 31 Jan 2026
Barnsey would have been delighted with today’s results. One of our biggest ever fans. We will pay our respects to him on Wednesday. |
| Forum
Reply | Obikwu
at 18:35 28 Jan 2026
We have this ability to sign crocks. Still don’t understand why last season JCS was given a new contract when he is constantly unavailable. Poku been essentially injured since first game of the season. We make a new signing. He arrives in London and now already injured. Chair injured at various points this season. The list goes on. Our gk situation changes every week. So we basically have one out and out striker for Saturday who looks incredibly unfit. Let’s hope Nourry has found a Mark Viduka or Harry Kewell in his little black book of Australian players as that seems to be where we shop now. |
| Forum
Reply | Frey
at 21:43 26 Jan 2026
Hopefully the club have some striker lined up to replace him with Justin with the development side. I can’t take another 3 months watching Kone on his own up top. Bloke looks unfit and exhausted. Definitely another 2-3 players are needed especially attacking ones. We need some bigger players. Saito, Chair, Poku, Smyth, Dembele are all so small and get out muscled constantly. |
| Forum
Reply | Four minutes of injury time
at 11:14 25 Jan 2026
Goes back to what I have said on another thread. So many times this season the manager’s in game management is beyond questionable. He’s running out of chances with me. He’s his own worst enemy. Needs to learn very quickly. |
| Forum
Reply | Julien speaks
at 08:08 25 Jan 2026
I feel his in game management is so poor. So many subs he makes are pre-meditated. I could have told you at 3pm for example that Morgan would be hooked at 60 mins for Hayden. See how the game is developing and then make subs for Smyth and Mbengue who were looking red cards with this ref. Hook Kone earlier because the bloke can’t run. He looks very unfit to me, but that’s another story. I know Frey is not everyone’s cup of tea but with Burrell out injured he would have been a nuisance in the last few games. Now he’s not even on the bench which makes no sense. Bennie does not look ready for this level. Kolli is so inconsistent. We sign that lad in the week and he’s not even on the bench with our injury list. We then have the Edwards situation. How is a bloke supposed to to get match fit if you don’t play him? He’s not going to get fit running up and down the touchline of the pitch. It’s so frustrating we are going into the Coventry game with so many injuries to key players. Few weeks I would have fancied us against them. Next week could be another 4 or 5 with the players available unless 3 or 4 bodies come in this week? |
| Forum
Reply | On A Lighter Note
at 07:57 25 Jan 2026
Thought it looked awful once again. We sit in the Upper Loft. It’s actually an embarrassment to have a pitch in that state at our level. Genuinely my local park has pitches in better nick than ours. |
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