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Daylight fading, or speculate to accumulate? – 24/25 Accounts 19:24 - Feb 19 with 1154 viewsNorthernr

Simon Dorset's annual number crunch of the accounts released this week...


Daylight fading, or speculate to accumulate? – 24/25 Accounts 19th Feb 2026 19:19
As QPR drop their financial accounts for the 2024/25 season under Marti Cifuentes showing big upticks in transfer spend and wages, we turn again to Simon Dorset who has been reviewing the club’s finances for LFW for the last decade to get his take on the numbers. 0

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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 19:43 - Feb 19 with 1039 viewsR_from_afar

Many thanks to all concerned for this valuable analysis, we're lucky to have it .

"Things had started becoming increasingly desperate at Loftus Road but QPR have been handed a massive lifeline and the place has absolutely erupted. it's carnage. It's bedlam. It's 1-1."

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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 19:49 - Feb 19 with 1012 viewsHunterhoop

Simon, this is great. Thank you. Really well explained and good to have your take.

One ask though. Would you be able to reproduce the last table on here if the assumptions were amended? I think the assumed £12m for the Eze sell on and Kelman sale is very generous. I think it is more like £9m (£6m and £3m), making this season’s player acquisitions £16.5m, what impact would that have? If I’m correct it would bring the risk of breaching the rolling loss into next season, would it not?

Given we appear to have received less for Dykes and Armstrong than was originally reported, it might be prudent to assume the value of player sales at the bottom of the potential bracket, and not what was reported in/leaked to the press.

Although get the last point in the article. I don’t think they are worried of breaching soon, because they expect to sell - that’s the model sold to the owners - but telling Hoos is very involved again.
[Post edited 19 Feb 19:58]
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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 19:51 - Feb 19 with 1006 viewscolinallcars

Thanks so much. I've bookmarked it and will try to comprehend later. I don't have a head for figures, not this sort anyhow…
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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 20:02 - Feb 19 with 967 viewsOldPedro

Thanks Simon, I will re-read again tomorrow with a clear head (been out on the beer this afternoon) but do you think we are desperate for sales next summer to meet financial rules or do we have a bit more leeway over the next couple of seasons?

Extra mature cheddar......a simple cheese for a simple man

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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 20:10 - Feb 19 with 933 viewsSimonD

Thanks Hunter. Will do, leave it with me.

You did pick up on the fact that we were still owed over £2m for player sales as shown in the Cash Flow regarding players’ registrations table?

If you comment is based on the profit generated from these sales, we'd have to look back to see when Dykes' contract was extended as his remaining book value would have then been amortised over the extended term.
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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 20:24 - Feb 19 with 892 viewsBristolR

Many thanks SimonD, as clear an analysis as my addled brain will ever understand! Very much appreciate the quick turnaround and clarity of delivery.
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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 20:52 - Feb 19 with 736 viewsSimonD

Old Pedro, the numbers do suggest that, but there are assumptions in there.

We can only work with the number we have. If, for example, the sponsorship has stepped up again this season, you and I wouldn't be aware of that yet.
[Post edited 19 Feb 21:55]
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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 21:10 - Feb 19 with 661 views89_50

This is an excellent piece. Thank you to all involved.
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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 21:50 - Feb 19 with 540 viewsMonkey_Roots

Thanks Simon.

Just for a complete number knob like me, can you summarise your article nice and neatly with a thumbs up or thumbs down to the following question… are we in the shït?
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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 21:54 - Feb 19 with 531 viewsSimonD

Daylight fading, or speculate to accumulate? – 24/25 Accounts on 19:49 - Feb 19 by Hunterhoop

Simon, this is great. Thank you. Really well explained and good to have your take.

One ask though. Would you be able to reproduce the last table on here if the assumptions were amended? I think the assumed £12m for the Eze sell on and Kelman sale is very generous. I think it is more like £9m (£6m and £3m), making this season’s player acquisitions £16.5m, what impact would that have? If I’m correct it would bring the risk of breaching the rolling loss into next season, would it not?

Given we appear to have received less for Dykes and Armstrong than was originally reported, it might be prudent to assume the value of player sales at the bottom of the potential bracket, and not what was reported in/leaked to the press.

Although get the last point in the article. I don’t think they are worried of breaching soon, because they expect to sell - that’s the model sold to the owners - but telling Hoos is very involved again.
[Post edited 19 Feb 19:58]


I think this is right for your numbers .......

Profit from player sales (Eze and Kelman) - £9m
Therefore, the acquisition cost of the summer purchases - £10.5m
All on 4-year contracts – annual amortisation £2.625m
Annual salary increase - £2.5m (bearing in mind that players have left too)
Edwards & Obikwu – cost £5.5m – annual amortisation £1.375 – annual salary £1m



For what it is worth, I don't agree with these numbers but understand your reason for asking.
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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 21:54 - Feb 19 with 531 viewsNorthernr

Daylight fading, or speculate to accumulate? – 24/25 Accounts on 21:50 - Feb 19 by Monkey_Roots

Thanks Simon.

Just for a complete number knob like me, can you summarise your article nice and neatly with a thumbs up or thumbs down to the following question… are we in the shït?


The answer I think is not yet, but if you don't start selling players for significant money in any of the next three transfer windows then yes you're heading back that way.
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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 22:00 - Feb 19 with 506 viewsMonkey_Roots

Daylight fading, or speculate to accumulate? – 24/25 Accounts on 21:54 - Feb 19 by Northernr

The answer I think is not yet, but if you don't start selling players for significant money in any of the next three transfer windows then yes you're heading back that way.


Thanks mate
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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 22:30 - Feb 19 with 410 viewsOldPedro

Daylight fading, or speculate to accumulate? – 24/25 Accounts on 20:52 - Feb 19 by SimonD

Old Pedro, the numbers do suggest that, but there are assumptions in there.

We can only work with the number we have. If, for example, the sponsorship has stepped up again this season, you and I wouldn't be aware of that yet.
[Post edited 19 Feb 21:55]


Cheers

Extra mature cheddar......a simple cheese for a simple man

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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 02:23 - Feb 20 with 94 viewsLazyFan

Daylight fading, or speculate to accumulate? – 24/25 Accounts on 21:54 - Feb 19 by SimonD

I think this is right for your numbers .......

Profit from player sales (Eze and Kelman) - £9m
Therefore, the acquisition cost of the summer purchases - £10.5m
All on 4-year contracts – annual amortisation £2.625m
Annual salary increase - £2.5m (bearing in mind that players have left too)
Edwards & Obikwu – cost £5.5m – annual amortisation £1.375 – annual salary £1m



For what it is worth, I don't agree with these numbers but understand your reason for asking.


Well it was rumoured we only got ...
Eze sell-on - £6m
Kelman - £3.5m

Rumours for:
Edwards - £4.5m
Obikwu - £0.5m

So, I can see why the poster thought you overestimated the sales!

zzzzzzzzzz

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Daylight fading, or speculate to accumulate? – 24/25 Accounts on 04:31 - Feb 20 with 19 viewsFDC

Like others this kind of stuff completely bewilders me - I go in to a kind of defensive cognitive shut down, my brain just refuses to engage. But I genuinely appreciate the work and effort that Simon and others do to help the likes of me understand what's going on behind the scenes at our daft little club. Thank you.
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