The new Queens Park Rangers chief executive has launched an investigation into why the previous owners took on a £10million loan.

The Sunday People has obtained documents which highlight concerns by the new board about the nature and size of the loan.

Mark Devlin, chief executive at QPR, told the Sunday People: "We are not accusing anyone but we have asked some serious questions about the whole business, which left the club in its current financial state.

"From our examination of the club's finances it is our view that we did not need to borrow as much as £10million because our debts were not as much as that.

"The loan carried with it a steep interest rate of 10 per cent and we feel more favourable terms might have been secured elsewhere.

"The current board inherited a debt of £2million, including £1.7million to the Inland Revenue, but we are working hard to put the club's finances in order and believe we are on the right track thanks to the new investors here.

"We would like to know how the club got itself in that financial position.

"After a full investigation if we do not get satisfactory answers and the position remains unclear, then it may well be that we have no choice but to report the whole matter to the police and ask the fraud squad to investigate."

Devlin said it could take up to two years to resolve the financial history.

The Football League has asked for a meeting with QPR to discuss the financial situation and the new board have said they will co-operate fully.