By Jonathan Davies
Queens Park Rangers Football Club cut its losses by 85% to £9.8m for the 2013/14 season.
The reduction comes despite the club spending the season in the Championship after relegation from the Premier League in the 2012/13 season, which often spells financial trouble for clubs.
In the year QPR was relegated, the club reported losses of£65.4m. But the West London team cut shareholder debt by £60m and reduced spending by £22m, due to lower player costs.
QPR are likely to receive a much smaller fine that anticipated for breaching Football League financial fair play rules. Had QPR reported similar losses to last season, the expected fine would be much higher.
"Our recruitment policy at QPR is changing," he said. "This is a new strategy for us.
"We want to develop a philosophy of buying young, hungry players who can go on to forge decent careers with us."