The EFL has revealed they did not want to place QPR’s future at risk by ordering the club pay a fine of close to £42million for failing to comply with Financial Fair Play (FFP) rules.
QPR have reached a settlement with the EFL over breaching spending limits during the 2011-12 campaign and, as part of the agreement, have accepted a transfer ban for next January.
Rangers were ordered to pay £41.97m last year but that fine has been reduced to £17m, while £21.97m of outstanding loans owed to shareholders will be converted into equity. That amount cannot be taken out of the club, which will strengthen their financial position. QPR must also pay £3m to cover the EFL's legal costs.
QPR's Premier League parachute payments will stop after this season and the EFL were conscious of the need to avoid putting financial pressure on the club that might have risked them going out of business.
EFL chief executive Shaun Harvey said today: “The outcome vindicates the approach of the EFL Board in defending the challenge to our rules.
“In agreeing to the settlement, 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.
“QPR remain a valued member of the EFL and a great community asset. We look forward to continuing our productive working relationship with them for many seasons to come and are delighted to bring this long-running dispute to a conclusion.”
QPR chief executive Lee Hoos said: “Whilst we felt we had a very strong case on appeal, QPR felt it was best to put this matter behind them 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.”
The transfer ban is a blow for new QPR manager Steve McClaren, who has made just one summer signing with a week until the season starts.
But the ban is unlikely to lead to a flurry of activity during the rest of the window as Rangers must still adhere to FFP guidelines.
Free transfer Toni Leistner is the only new arrival at Loftus Road and McClaren wants to add a couple more players to his squad before the Championship season starts next Saturday.
McClaren is keen to sign another defender following the departures this summer of Nedum Onuoha, Jack Robinson and James Perch.
