QPR have reached an agreement to settle their Financial Fair Play dispute with the Football League.
An arbitral panel on the 19 October 2017 dismissed Queens Park Rangers (‘QPR’) claim that the English Football League’s 2012 Financial Fair Play Rules (‘FFP Rules’) were unlawful under Competition Law and also found that the fine of £41.965m for failing to comply with the Rules was not disproportionate.
QPR lodged an appeal against the decision and the appeal was due to be heard in London on the 2 July 2018 before a new panel.
Following extensive discussions between the parties, the Appeal has been withdrawn and the dispute settled on the following terms:
- A Fine of £17.0m
- QPR to pay the EFL’s costs of £3.0m
- A transfer embargo in the 2019 January Transfer Window
- The Club’s shareholders will capitalise £21.965m of outstanding loans.
A time to pay schedule has been agreed between the parties.
No part of the payments to the EFL will be taken into account when calculating QPR’s future Profitability and Sustainability results.
EFL Chief Executive, Shaun Harvey said: “The outcome vindicates the approach of the EFL Board in defending the challenge to our Rules.
“In agreeing to the settlement above, the Board was conscious that the financial burden placed on the Club had to be manageable, so as not to put its future in doubt when considering that after this season the Club will no longer benefit from the promotion that was the catalyst for the dispute in the first place.
“QPR remain a valued member of the EFL and a great community asset. We look forward to continuing our productive working relationship with them for many seasons to come and are delighted to bring this long-running dispute to a conclusion.”
QPR Chief Executive, Lee Hoos said: “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.”
No further comment will be made.