QPR will appeal the record £40m fine

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

QPR were sanctioned for breaching the FFP Rules in the 2013/14 season, when they were promoted to the Premier League after winning the play-off final.

The decision of the three-man arbitration panel was released to the parties on October 19 and could have huge implications, not just for QPR but also Leicester City and Bournemouth, who the EFL is pursuing, too, for effectively circumventing rules on route to promotion in 2013-14 and 2014-15, respectively.

QPR have until November 20 to appeal the decision which they have said they will do. Neither the club or the EFL will make further statements while the appeal process is ongoing.

The west London side posted a loss of £9.7m during that campaign but QPR's accounts showed a £60m income injection from the club owners, classed as an "exceptional item" which was to write off loans.

The Football League, since rebranded as the English Football League, is understood to have taken issue with that injection of cash and considered the real loss figure to be £69.7m, leaving the club liable for a huge FFP fine.

Reacting to the arbitration panel's verdict, QPR chief executive officer Lee Hoos said: "We are understandably disappointed with the decision.

"We are currently examining our next steps, but we will be appealing.

"However, until the matter is resolved in full, we are not in a position to provide any further comment."

EFL chief executive officer 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.

Shaun Harvey says the decision 'vindicates the approach of the EFL Board'

"The Board understand the challenges that this decision could create for our valued, Member Club and will work with them, as and when the matter formally concludes.

"It has taken a long time to get to this outcome and I'd like to publicly thank all those individuals who have supported our approach."