Queens Park Rangers have cut their losses by 85% to £9.8m for the year ending May 2014 despite spending 2013-2014 in the Championship. Rangers lost £65.4m in the year to May 2013 when they were relegated.
The club say £60m of shareholder loans have been written off. Spending was also reduced by £22m, mainly because of lower player costs, reports BBC Sport.
The Football League is expected to state QPR's Financial Fair Play position within the next week.
If the figures announced today are ratified, it would mean a small fine, rather than the huge one that had been anticipated if losses were comparable to 12 months ago.
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