QPR's wage bill and debts soar
- Published
Latest accounts show that QPR's debts have shot up
Queens Park Rangers has said that its wage bill doubled during its first year back in the Premier League.
Spending on wages nearly doubled from £27.6m to £56m in the year to 31 May 2012, financial results showed.
It reported a loss of £22.6m and debts jumped 57% to nearly £90m according to the accounts, which do not include the club's latest spending on new players.
QPR chairman Tony Fernandes admitted that spending needed to be "closely monitored and controlled".
However, he added: "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.
"The financial results reflect the club's focus on on-pitch success."
Since the end of the last financial year the club has brought in a number of players, both during the summer and during the January transfer window.
The club twice broke its transfer record during January when it spent more than £20m on Loic Remy and Christopher Samba.
QPR are currently bottom of the Premier League and the signings aimed to strengthen the squad for its battle to avoid relegation.
The club sacked manager Mark Hughes in November and brought in Harry Redknapp.
QPR are partly owned by Mr Fernandes, and the Malaysian business tycoons Kamarudin Bin Meranun and Ruben Emir Gnanalingam, who have a combined 66% stake. The remainder belongs to the Mittal family.