English Premier League strugglers Queens Park Rangers on Monday announced a reduced loss of £9.8 million ($15m, 13.4m euros) 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 as discussions continue between the parties.
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.