Queens Park Rangers have been ordered to pay a world-record £40million fine after losing a three-year battle against being found guilty of breaching Financial Fair Play rules during their most recent promotion-winning campaign.

The Championship club’s claim that the English Football League’s FFP regulations were “unlawful” and that the fine levied on them was “disproportionate” was dismissed by an arbitration panel, with both parties informed of the decision last week.

QPR confirmed on Tuesday they would be appealing a verdict that also spelt bad news for Leicester City and Bournemouth, both of whom were prepared to fight rulings they, too, effectively cheated their way to promotion in 2013-14 and 2014-15, respectively.

Acknowledging it had taken “a long time” for the matter to be resolved, EFL chief executive Shaun Harvey said: “This decision vindicates the approach of the EFL board in defending this challenge. The board will continue to enforce our rules on clubs to protect the interests of those that do comply.”