Queens Park Rangers have sent the Football League their accounts for 2013-14, the period covered by new financial fair play rules expected to result in the club being hit with a multimillion-pound fine. QPR and the league confirmed that the accounts were sent on time on 1 December but neither would discuss the financial position disclosed.

Financial fair play rules in the Championship, aimed at encouraging clubs to live within their means, impose escalating fines on those clubs that won promotion to the Premier League while making significant losses. Clubs that made losses but stayed in the Championship will have points deducted. QPR are expected to face a large fine because in the previous season, 2012-13, which resulted in relegation to the Championship, the club lost £65m despite earning Premier League income of £61m. QPR paid their staff, including players, £78m in the year to 31 May 2013.

If in their promotion season QPR did not cut their wage bill enough to compensate for the dramatic loss of Premier League income, and made a loss as high as the previous year, they could face a fine of £54m. The rules impose a fine of approximately £7m for a loss to £18m, then pound for pound above that.

All 30 clubs required to file their accounts by 1 December – last season’s Championship clubs, plus the three relegated from the Premier League and the three promoted from League One – have now sent them, the League confirmed. Sanctions will be determined by 1 January.