Now, I’m by no means an expert here and those with a far greater grip of Financial Fair Play regulations in the Premier League and EFL divisions could quite possibly pull me up on some of my beliefs or my assumptions.
I’m happy if they wish to as there is one absolute fact on FFP – there’s so much nonsense doing the rounds from fans of all clubs on social media that short of being a forensic accountant it’s very much like listening to Boris repeatedly claim the NHS will get £350million from Brexit even when it’s been disproved or listening to a single thing the Orange Wotsit from America babbles when he remembers how to speak and stops contradicting himself within the space of four words.
I’ll stick to facts the best I can as I don’t want to muddy the waters further and I’m no forensic accountant, bog standard accountant or lawyer.
I don’t need to explain the background, every fan knows it.
Suffice to say the arbitration panel back in October 2017 dismissed our claim that the 2012 regulations were unfair under competition law and that the levied fine of £41.965million was not disproportionate.
We lodged our appeal but following discussions between all parties we withdrew our appeal and settled on the following terms:
Fine – £17million
QPR pay EFL’s Costs – £3million
Transfer Embargo for next January
Club’s shareholders to capitalise outstanding loans worth £21.965million.
A pay schedule was also agreed with some in the media suggesting the financial portion could be spread over the next decade and QPR were quick to point out that financial hit will not feature in future Profitability and Sustainability tests – ie we won’t take a double punishment by breaching FFP once and paying the fine and the fine itself leading to a second breach of FFP.
Speaking to the Official Site to explain our change of position, Chief Executive Lee Hoos explained.
“Whilst QPR felt it had a very strong case on appeal, we felt it was best to put this matter behind us to enable all parties to have certainty and allow us to continue focusing on running the Club in a sustainable manner going forward. We feel this is in the best interests of football as a whole.”
Those are the facts and as one actor in a film once claimed – they are indisputable.
So with the facts out of the way, I can give my unqualified thoughts.