Queens Park Rangers' financial plight has become as concerning as its position in the Premier League after the struggling club's latest set of accounts showed a doubling of its wage bill and a rise in debts.
But the first back-to-back wins in the Premier League since 1995 might help lift the gloom.
Results announced earlier thsi week showed wages soared from 27.6 million pounds ($41.5 million) to 56 million pounds ($84.2 million) up to the year ending May 31, 2012.
Worryingly for QPR, who remain bottom of the Premier League despite the win over Southampton, the figures don't include its outlay in the last two transfer windows, when the club twice broke its transfer record to sign Loic Remy and Christopher Samba. Summer signings Park Ji-sung, Julio Cesar and Jose Bosingwa are also believed to have signed on big wages.
QPR's net debt stands at 88.9 million pounds ($134 million). That in itseld is well within the pockets of owner Tony Fernades and minority stakeholder, the billionaire Mittal family, but if they were to be relegated new Football League rules would make the losses hard to accomodate.
From 2014/15 season clubs that lose more than £6 million will face sanctions including a transfer embargo. QPR would be hard placed to get back on track even with a £30 million plus parachute payment.
Daniel Geey, a solicitor in the Sports Group at Field Fisher Waterhouse told the Mail On Sunday:
'That embargo will only be lifted if strict criteria are satisfied.'
Fortunately for QPR, Harry Redknapp has steered the West London outfit towards safety and they are no better than 4/7 shots to get relegated. Given they were 1/20 a month ago it's some going. They face Aston Villa next week in a crucial six pointer, whilst relegation rivals, Wigan face Newcastle and Reading are at Man United. QPR could leap-frog both with a win at Villa Park.