QPR may have been relegated at the end of 2013 - but it was an ill wind that blew them a bit of financial good even if they aren’t out of the woods yet.
The club announced losses this morning of a mere £9.8m for the year ending May 2014, compared to the one before saw that saw them in the red to the tune of over £65m.
However, Championship clubs losing more than £8m in 2013-14 are subject to sanctions under Financial Fair Play (FFP) rules.
Rs chairman Tony Fernandes has vowed to fight any such fine or other penalty, including further demotion, should they be relegated this campaign.
But Rangers pray they avoid the drop and take a slice out of a new potential TV deal worth £100m to even the lowest Premier League club.
Having jettisoned the unpopular and expensive Jose Bosingwa, misfit Chris Samba and Djibril Cisse - to name but three at the end of 2013, the accounts were looking a tad healthier even if the club still owe an overall debt close to £120m.
A club statement added: “Expenditure was reduced by £22m, mainly driven by lower player costs and this trend will continue in future years as the club will continue to bring losses down.
“In addition, the club’s shareholders reiterated their long term support for the club by strengthening the club’s balance sheet by writing off £60m of shareholder loans.
“The club’s shareholders and directors are of the opinion that the club is moving in the right direction and on track with its mid-term and long-term business plans.
“The impact of relegation and promotion inevitably has a material impact on the short-term financial results of clubs but the shareholders are comfortable that the medium-term outlook is positive with Premier League revenues growing and the club’s costs continuing to fall.”