QPR report 9.8million loss

QPR have reported a loss of £9.8million for the year ending May 2014.The club said they had cut expenditure by £22million and that they would continue to drive down player costs in future years.A statement from QPR read: "Expenditure was reduced by £22million, mainly driven by lower player costs and this trend will continue in future years as the club will continue to bring losses down."In addition, the club's shareholders reiterated their long-term support for the club by strengthening the club's balance sheet by writing off £60million of shareholder loans."The club's shareholders and directors are of the opinion that the club is moving in the right direction and on track with its mid-term and long-term business plans."The impact of relegation and promotion inevitably has a material impact on the short-term financial results of clubs but the shareholders are comfortable that the medium-term outlook is positive with Premier League revenues growing and the club's costs continuing to fall."

Source: PA