The Football League has ruled that Queens Park Rangers' transfer embargo will remain in place until they come out of administration.

But manager Ian Holloway will be allowed to apply for dispensation to replace any of his existing playing staff, whether on loan or on permanent contracts.

The embargo was imposed after QPR fans funded recent transfers - including the £350,000 signing of Daniel Shittu from Charlton - leading other clubs to complain.

League spokesman John Nagle said in a statement that the decision not to lift the embargo was "in line with the league's insolvency policy".

But he added: "The board also recognised that in certain circumstances clubs should be able to apply to the league for dispensation from that ruling, for example when there is a need to replace injured or sold players."

Loftus Road chief executive David Davies, who had appealed for the embargo to be lifted, said: "Although we are disappointed with the overall decision, I understand that the league are trying to deter clubs from becoming insolvent.

"And where clubs have taken the step to seek protection from the courts, they should focus all of their attention on coming out of administration."