QPR and League in FFP talks
The Football League will continue discussions with QPR over the club's position in relation to Financial Fair Play regulations after the west London club reported a massive cut in their losses.
QPR posted a loss of £9.8million on Monday for the year ending May 2014, with £60million worth of loans written off by shareholders in those figures.
QPR said they were able to reduce their expenditure by £22million during their one season back in the Sky Bet Championship which ended in promotion via the play-offs.
The new figures represented a huge reduction from the £65.4million deficit which was reported in May 2013, and if the latest results had been on a similar scale then the club looked set to be hit with a significant fine from the League under the new FFP regulations.
Under the new system voted in, Championship clubs were permitted losses of £8million, with £5million funded by shareholder investment in 2013-14. Teams promoted back to the Premier League who exceeded those losses are set to be subjected to a fine and those still in the Championship face a points deduction.
The next £10million of losses are remitted on a sliding scale, with a maximum fine of £6.681million. However, once losses exceed £18million, the fine is then imposed on a strict pound-for-pound basis.
In the previous season when QPR were relegated back down to the Championship, their wage bill to all staff - including players - was £78million, vastly exceeding their income for the same period.
QPR chairman Tony Fernandes has indicated he would appeal against any fine from the Football League, which is yet to confirm the FFP status of the three clubs who were promoted, with all accounts filed to it by the December 1 deadline last year.
No specific timescale has yet been established for confirmation of whether any sanctions will be imposed.
A statement from the Football League released on Monday afternoon read: "The Football League notes the statement made earlier today by Queens Park Rangers regarding its annual accounts for the year ending May 31 2014.
"The club has previously filed accounts with the Football League in accordance with the requirements of the League's Financial Fair Play (FFP) rules.
"The treatment of certain items in those accounts, and how the League's FFP rules should be applied to them, remains a matter of ongoing discussion between QPR and the Football League. It would therefore be inappropriate to comment further at this time."
QPR remain committed to securing a sound financial footing for the club and are currently exploring the potential to build a new stadium.
A statement from QPR read: "The club's shareholders and directors are of the opinion that the club is moving in the right direction and on track with its mid-term and long-term business plans.
"The impact of relegation and promotion inevitably has a material impact on the short-term financial results of clubs but the shareholders are comfortable that the medium-term outlook is positive with Premier League revenues growing and the club's costs continuing to fall."
The statement said the reduction of £22million was "mainly driven by lower player costs".
QPR took advantage of the postponement of their Premier League match against Capital One Cup finalists Tottenham to head on a short warm-weather training camp in Dubai, and will continue their survival battle against in-form Arsenal at Loftus Road on Wednesday night.