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Fernandes defends QPR wage outlay
Mar 07, 2013 3:58 PM GMT
Queens Park Rangers' latest financial report shows the club's wage bill doubled from May 2011 to 2012, before their last transfer spree.
The west London side are bottom of the English Premier League table despite spending heavily and twice breaking their own transfer record in January, signing Loic Remy and then Christopher Samba.
And the latest report, for the year ending 31 May 2012, a period before those deals - as well as others for Park Ji-Sung, Julio Cesar and Jose Bosingwa - took place, shows a huge increase in their spending.
The club's turnover rose from 34.6 million pounds to 74 million pounds, however, their expenditure on wages also soared from 27.6 million pounds to a massive 56 million pounds in a season in which they escaped relegation on the final day of the campaign.
With reports indicating Samba and Remy are earning 100,000 pounds and 75,000 pounds per week respectively, QPR chairman Tony Fernandes admitted the club is "conscious of the need for expenditure to be closely monitored and controlled", but insisted their success matched their spending last term.
"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 for the coming season," he said in his directors' report.
"The financial results reflect the club's focus on on-pitch success.
"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."
QPR are four points adrift of safety with 10 games remaining in the 2013/13 Premier League season.