QPR’s 6-0 defeat at Manchester City on Sunday confirmed the side’s relegation back into the Championship, therefore making the side accountable to the Football League for its financial results from last season, filed in December.
The club say they are challenging "the legality of the Championship Financial Fair Play rules", which could leave them facing a fine of up to £58m.
Rangers said any charge for breaching the rules would not begin until the outcome of their challenge was known.
In March, the club announced losses of £9.8m, but £60m worth of loans were written off by owner Tony Fernandes and other shareholders.
Under the Football League Financial Fair Play rules, Championship clubs were permitted losses of up £8m, with £5m funded by shareholders, in 2013-14.
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