Queens Park Rangers

Tony Fernandes "committed" to Queens Park Rangers despite £65.4m loss

By Danielle Joynson, Staff Reporter | 07 March 2014

Queens Park Rangers chairman Tony Fernandes insists that he and the shareholders are "committed" to the club, despite posting a £64.5m loss last season.

Queens Park Rangers chairman Tony Fernandes has insisted that he and the shareholders are at the club for the "long term", despite recording a loss of £65.4m last season.

The Championship outfit announced yesterday that their overall debt has amounted to £177m following relegation from the Premier League.

In a statement released today, Fernandes said: "Every great endeavour needs support in the short term. Every business requires capital to get off the ground. When we bought this club there were no assets. We had to build from the ground up.

"Now we have great assets and we are in a position where we can use this asset base to develop our squad, without the need to invest new capital.

"Relegation wasn't part of the plan and it has cost us financially and emotionally, but I and my fellow shareholder are fighters. We are committed and here for the long term. Achieving promotion this season is not critical to our long-term strategy, but it remains our short term goal.

"If we fail in our bid for promotion, the support is there and there is no need for any more advances to build a squad. We are now in a position where we can work with what we have, and raise capital to invest in the squad by selling players who are not part of the manager's plans.

"We would like to reassure the QPR supporters that our commitment is unwavering and we remain passionate about our club."

Due to the incoming Financial Fair Play rules, QPR could be hit with fines and a transfer embargo should Harry Redknapp's side fail to gain promotion back to the top flight.