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QPR have agreed a settlement of almost £42m with the English Football League after an arbitration panel dismissed the Championship club's claims that Financial Fair Play rules are unlawful.

The settlement includes a £17m fine, paying £3m of the EFL's legal costs and the agreement from club shareholders to write off £22m of outstanding loans.

QPR will also be under a transfer embargo for the January 2019 window.

It is believed the EFL have agreed to a payment schedule over 10 years.

The London club's case relates to breaking spending limits on their way to winning promotion to the Premier League in 2014, with QPR's wages of more than £75m making up 195% of their turnover of £38.6m.

The settlement was reached before QPR's appeal, which was heard on 2 July, against the panel of arbitration's ruling that FFP rules were both lawful and a fine of £41,965m was not disproportionate.

QPR chief executive Lee Hoos said that while they felt they had a "strong case for appeal", the settlement "is in the best interest of football as a whole".

"QPR felt it was best to put this matter behind them to enable all parties to have certainty and allow us to continue focusing on running the Club in a sustainable manner, going forward," Hoos added in a joint statement with the English Football League.

More to follow.

Source: bbc.com

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