QPR report £9.8 million loss

The club said they had cut expenditure by £22million and that they would continue to drive down player costs in future years.

A statement from QPR read: "Expenditure was reduced by £22million, mainly driven by lower player costs and this trend will continue in future years as the club will continue to bring losses down.

"In addition, the club's shareholders reiterated their long-term support for the club by strengthening the club's balance sheet by writing off £60million of shareholder loans.

"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."