Tony Fernandes, speaking on behalf of the QPR Shareholders, has today issued the following statement in relation to the club’s latest statutory accounts.
‘When we took ownership of QPR in August 2011, our initial objective was to secure Premier League stability and to establish the club in the top flight.
While we worked hard to achieve this, we were always mindful that relegation was a possibility, just as it is for the majority of clubs competing in the top division of English football.
While relegation was not part of our strategy, it was something we were prepared for.
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 Shareholders are fighters. We are committed and here for the long term.
With regards to the debt it is important to understand that this is through shareholder loans.
The debt in the club is owed TO the Shareholders BY the Shareholders.
We are all fully committed to QPR in the short, medium and long term and are 100 per-cent focused on delivering our vision for the club.
Promotion back to the Premier League is a major challenge, but one we are committed to.
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.’