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Queens Park Rangers have been handed a transfer ban which prohibits them signing any new players until January, as part of a settlement deal with the EFL (English Football League), having been found guilty of breaching the regulations surrounding FFP (Financial Fair Play).
The case actually dates back to the 2010 -2011 season when QPR spent large sums of money to win promotion back to the Premier League, and then invested further heavily to try and maintain their position in the top flight.
Rangers were ordered to pay nearly £42 million in fines last year, a sum which threatened the financial viability of the club, especially given that the parachute payments for clubs that drop out of the Premier League are due to stop. However, now according to The Evening Standard that sum has been reduced to £17 million, while nearly £22 million in outstanding loans will be converted to equity and cannot be taken out of the club, bolstering their financial stability.
QPR Chief Executive commented on the club website ““Whilst QPR felt it had a very strong case on appeal, we felt it was best to put this matter behind us to enable all parties to have certainty and allow us to continue focusing on running the Club in a sustainable manner going forward. “We feel this is in the best interests of football as a whole.”
Andy is an exiled English football fan living in Cyprus. He loves all sports but football is his abiding passion, and he still has dreams every now and then about scoring the winning goal in a Wembley Cup Final, even though his playing days are long gone. He follows most major leagues, across Europe at least, and has a favoured team in each. When he’s not watching, listening, reading or downloading podcasts about football, he spend his time worrying about his beloved Arsenal.