Championship side Queens Park Rangers have announced a loss of £65.4m for last season up to May 2013 in their latest financial report.

Harry Redknapp's side were relegated from the Premier League in the season that the report covers, with the losses now increasing the overall debt to £177m.

With the Financial Fair Play rules coming into effect QPR will be subject to big fines and a transfer embargo with such debt should they not win promotion back to the top flight this season.

The chairman Tony Fernandes admitted that the money spent on players and wages was dependent on the club remaining in the top flight and that they must return there as soon as possible.

"Clearly in 2012-13 the club did not meet its performance targets and was relegated from the Premier League," Sky Sports News quotes Fernandes as saying.

"A critical driver of any club's value is its presence in the Premier League, and the club is focused on regaining its Premier League status as quickly as possible. The financial results reflect the club's focus on trying to achieve on-pitch success."

QPR, fourth in the Championship, are currently in a playoff spot but remain nine points off second-placed Burnley.