Queens Park Rangers have ended their appeal of a financial fair play (FFP) dispute with the English Football League and will pay approximately £42 million in restitution as well as accept a transfer ban.
The settlement includes a £17m fine and a payment of £3m toward the EFL's legal costs, and the club's shareholders will write off £21.965m of outstanding loans.
The case relates to a breach of EFL spending limits that occurred in the 2013-14 season, when QPR earned promotion to the Premier League by winning the Championship playoffs. In October, an arbitration panel decided to dismiss QPR's claim that the FFP rules were unlawful.
"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," QPR chief executive Lee Hoos said in a statement.
The panel had dismissed QPR's claim that the EFL's FFP rules were unlawful under competition law and also found that the fine levied on the club for exceeding spending limits was not disproportionate.
QPR spent only one season in the Premier League before being relegated.