QPR owner Tony Fernandes' kamikaze spending has resulted in the club's wage bill doubling to £56m before the January transfer window.
The Rs broke their transfer record twice by signing Loïc Rémy and Christopher Samba for £20m, with the latter reportedly earning £100,000 a week at Loftus Road.
Bottom of the Barclays Premier League with just 10 games remaining, the club has gained an infamous reputation for its outlay on agents' fees during the summer.
Thirteen players were brought in ahead of the new season, but only Samba Diakité, Ji-Sung Park, Esteban Granero and Stephane Mbia commanded transfer fees.
Harry Redknapp, who replaced the sacked Mark Hughes in November, said the club had had their "pants pulled down" regarding agents' fees. QPR paid £6.82m to agents in 2012.
Samba is QPR's record buy
The club's accounts, for the year ending May 31, 2012, show that although turnover rose from £34.6million to £74million, wages soared from £27.6million to £56million in a season in which QPR only secured survival on the final day.
Fernandes' company has also loaned in £55m.
The chairman admitted in his directors' report the board are "conscious of the need for expenditure to be closely monitored and controlled" but also stressed the importance of squad investment.
"A critical driver of any club's value is its presence in the Premier League and the club achieved its key objective for the 2011-12 season, by successfully securing its Premier League status for the coming season," Fernandes said.
Fernandes has said he will quit if QPR are relegated
"The financial results reflect the club's focus on on-pitch success.
"There are a number of potential risks and uncertainties that could have a material impact on the group's long-term performance. These risks and uncertainties are monitored by the board on a regular basis."
Fernandes, Kamarudin Bin Meranun and Ruben Emir Gnanalingam own 66% of QPR, while the other 33%belongs to the Mittal family. Lakshmi Mittal is listed as the 41st richest person in the world by Forbes magazine, with a net worth of 16.5billion US dollars (£11billion).