QPR are facing a multi-million pound fine after failing with a challenge to the English Football League's financial fair play rules.
The Sky Bet Championship side posted a loss of £9.7million in the 2013/14 season, during which they earned promotion to the Premier League.
The London team were under Harry Redknapp's management and the chairmanship of Tony Fernandes.
QPR's accounts showed a £60million income injection from the club owners, classed as an "exceptional item" which was to write off loans. The Football League, since rebranded as the English Football League, is understood to have taken issue with that injection of cash and considered the real loss figure to be £69.7million.
Such a sum would have left QPR liable for a huge FFP fine, and the club's failure to have EFL rules on the matter ruled unlawful now looks set to cost them a sum that Press Association Sport understands could run into tens of millions.
The EFL said: " An arbitral panel has dismissed Queens Park Rangers' claim that the English Football League's 2012 financial fair play rules were unlawful under competition law, and also found that the fine levied by the EFL on the club was not disproportionate.
"The decision of the three-man panel was released to the parties on the 19th October. Q PR has indicated that it intends to appeal the decision."