Queens Park Rangers have agreed a settlement of £42m with the English Football League after being found guilty of breaching Financial Fair Play regulations.

The Championship side will pay a £17m fine, £3m in legal costs and write off £22m worth of outstanding loans, while also being placed under a transfer embargo for the January 2019 window.

QPR are expected to be granted a 10-year period by the EFL to pay back the full amount, which relates to their failure to comply with financial restrictions in winning promotion to the Premier League four years ago.

Chief executive Lee Hoos said: "QPR felt it was best to put this matter behind them to enable all parties to have certainty and allow us to continue focusing on running the club in a sustainable manner, going forward."

The London outfit have offloaded six players during the summer transfer window, including goalkeeper Alex Smithies to Cardiff City for £3.5m.