The club, currently 17th in the Premier League recorded losses of over £65m over the previous year, having spent a large outlay on player fees and wages.

However, having significantly reduced the club's player costs, as well writing off shareholder loans, the club have managed to reduce their losses to £9.8m.

A statement on the club's website revealed the figures and that the club's board and directors felt "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."

QPR are one of a number of clubs looking to avoid relegation from the Premier League this season, and are only outside the relegation places on goal difference.

Former manager Harry Redknapp resigned earlier in the year and Chris Ramsey has stepped up from a coaching role to take charge of the team at least until the end of the season.

Les Ferdinand also moved to a director of football role as the club looks to switch it's emphasis in the transfer market to keep the club financially stable.