"QPR challenges the legality of the Football League's Championship Financial Fair Play Rules and any charge against QPR (if any) for breach of FFP Rules shall not be commenced pending the outcome of that challenge," a club statement said.
QPR announced losses of 9.8 million pounds in March, although 60 million pounds of loans were written off by owner Tony Fernandes and other shareholders -- possibly bringing them into conflict with FFP rules.
"The proceedings are confidential in nature and neither party is entitled to comment upon the proceedings until the independent arbitral panel has delivered its decision," the statement added.
QPR will start next season in the Championship having lasted just one year in the Premier League.
(Reporting by Martyn Herman, editing by Ed Osmond)
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