Crisis as QPR face £2m bill

The financial crisis at Queens Park Rangers today deepened when it emerged that they have an outstanding tax bill of nearly £2million.

Directors are urgently seeking new investment to pay off the Inland Revenue and have put 29 per cent of the club up for sale.

Talks have stalled with a Monaco-based consortium over a £1.6m cash injection, so the club are now open to offers from other interested parties.

At yesterday's annual general meeting, the board underlined the need for new money by announcing losses of more than £4m for the past two financial years.

The club believe increased turnover from playing in the Championship will help stem these losses, but the debts are more problematic.

On top of the tax bill, QPR must find £1m in interest every year on the £10m loan they took out three years ago to help them out of administration. Director Kevin McGrath said: "We continue to have severe financial problems as a company.