article_snippet: Financial accounts for QPR show Financial accounts for QPR 'real' losses last season were almost £
article_snippet: Earlier this month QPR announced they had made a loss of £9.8m but the accounts filed at Companies House now prove the smaller loss figure was only possible because of the owners, mainly Tony Fernandes, writing off £60m of old loans in an 'exceptional item' in the accounts.
article_snippet: Tony Fernandes Tony Fernandes was among those to write off
article_snippet: £60million of old loans to the London club .
article_snippet: A: Companies House show that the club’s ‘true’ losses for last season were £69.8m, instead of the £9.8m declared by the London club earlier this month.
article_snippet: Effectively, QPR counted that £60m write-off as extra income.
article_snippet: But that money is noted in the accounts as being a 'related-party transaction' - and the Football League's own FFP rules explicitly rule out that related party moves of the kind QPR have undertaken.
article_snippet: QPR posted losses of £65.4m in the 2012-13 season and it was expected these might fall after cost-cutting in the Championship.
article_snippet: But the new accounts show in fact that as QPR's income plunged from £60.6m in 2012-13 to £38.7m in 2013-14, there was no significant reduction in the biggest single outgoing - player wages.
article_snippet: The wage bill was £78m in the 2012-13 season and £75.4m in 2013-14 in the Championship.
highlights_snippet: QPR announced a loss of £9.8million up to May 2014 earlier this month .
  
highlights_snippet: Their 'real' loss was almost £70m after £60m of  loans were written off .
  