London - English Premier League strugglers Queens Park Rangers on Monday announced a loss of £9.8 million for the year ending May 2014, when they won promotion back to the top flight.
In addition, QPR said £60 million in loans from shareholders had been written off, and the new figures come as something of a boost with the club under threat of a significant fine from the Football League for breaching their Financial Fair Play regulations.
That is because the figures represent a huge reduction from the £65.4 million deficit which was reported in May 2013, with the west London club saying they were able to reduce expenditure by £22 million during a one-season stay in the second-tier Championship.
"Expenditure was reduced by £22 million, mainly driven by lower player costs, and this trend will continue in future years as the club will continue to bring losses down," read a statement on the club's website.
"In addition, the club's shareholders reiterated their long-term support for the club by strengthening the club's balance sheet by writing off £60 million 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."
Under new Football League rules, Championship clubs were permitted losses of only £8 million, with £5 million funded by shareholder investment in 2013-14.
Teams promoted back to the Premier League who exceeded those losses are set to be subjected to a fine and those still in the Championship face a points deduction.
However, the likely fine faced by QPR could now be considerably lower than initially feared.
A Football League statement released on Monday said: "The club has previously filed accounts with the Football League in accordance with the requirements of the League's Financial Fair Play (FFP) rules.
"The treatment of certain items in those accounts, and how the League's FFP rules should be applied to them, remains a matter of ongoing discussion between QPR and the Football League."
In the 2012-13 season, when QPR were relegated to the Championship, their wage bill to all staff, including players, was 78 million, vastly exceeding their income for the same period.