LONDON (Reuters) - Queens Park Rangers’ debts have increased to almost 89 million pounds ($133.99 million), according to the latest financial results published for the Premier League’s bottom club.
The accounts, which cover the 2011-12 season and do not include the last two transfer windows when QPR invested heavily on new players, show debts rose by almost 33 million pounds.
The results are certain to increase the scrutiny on QPR’s financial position with the Londoners having spent more than 20 million pounds reinforcing their squad in January.
With relegation a realistic prospect and only 10 games left, the fans will be concerned the club’s existence could be threatened should they return to the Championship (second division) substantially in the red.
“A critical driver of any club’s value is its presence in the Premier League and the club achieved its key objective for the 2011-12 season by successfully securing its Premier League status,” chairman Tony Fernandes said in a statement attached to the accounts.
“There are a number of potential risks and uncertainties that could have a material impact on the group’s long-term performance. These risks and uncertainties are monitored by the board on a regular basis.”
The figures show QPR, who sacked manager Mark Hughes in November and brought in Harry Redknapp, made a loss for the financial year of 22.6 million pounds in their first season back in the Premier League.
They have substantial financial backing in the form of the Mittal family who own 33 percent of the club.
Lakshmi Mittal is listed as the 41st richest person in the world by Forbes magazine, with a net worth of $16.5 billion.
Rangers are at home to seventh from bottom Sunderland on Saturday.
Reporting by Toby Davis,; editing by Tony Jimenez