Honey Honey Posted July 27, 2018 Posted July 27, 2018 Quote QPR have agreed a settlement of almost £42m with the English Football League after an arbitration panel dismissed the Championship club's claims that Financial Fair Play rules are unlawful. The settlement includes a £17m fine, paying £3m of the EFL's legal costs and the agreement from club shareholders to write off £22m of outstanding loans. QPR will also be under a transfer embargo for the January 2019 window. EFL chief executive Shaun Harvey said: "In agreeing to the settlement above, the board was conscious that the financial burden placed on the club had to be manageable, so as not to put its future in doubt when considering that after this season the club will no longer benefit from the promotion that was the catalyst for the dispute in the first place. "The outcome vindicates the approach of the EFL board in defending the challenge to our rules." https://www.bbc.co.uk/sport/football/44980113 The price of failure, double whammy
Administrator Stan Posted July 27, 2018 Administrator Posted July 27, 2018 £3m of legal costs?! What fucking lawyers have they used and how much time?!
Honey Honey Posted July 27, 2018 Author Posted July 27, 2018 1 hour ago, Stan said: £3m of legal costs?! What fucking lawyers have they used and how much time?! Better call Saul
Pig on the Wing Posted July 27, 2018 Posted July 27, 2018 '...the agreement from club shareholders to write off £22m of outstanding loans.' Maybe I'm being slow (it has been a long week), but I really don't follow this part? A fine and legal fees (£3m, lol), fine, but what loans? Which stakeholders?
Administrator Batard Posted July 27, 2018 Administrator Posted July 27, 2018 1 hour ago, StefBWFC said: '...the agreement from club shareholders to write off £22m of outstanding loans.' Maybe I'm being slow (it has been a long week), but I really don't follow this part? A fine and legal fees (£3m, lol), fine, but what loans? Which stakeholders? Likely the Mittal family
Fairy In Boots Posted July 29, 2018 Posted July 29, 2018 Basically the headline is misleading. It’s not £42m as a fine, they’ve made directors write off £22m of their loans to QPR so it’s converted to equity. The EFL have fined them £17m + £3m legal fees payable over 10 years and won’t count towards future FFP records. Basically £2m a season fine it’s a load of BS this fair play shite designed to protect the status quo.
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