Queens Park Rangers will not be barred from the Championship despite being accused of breaching Football League regulations.
QPR are alleged to have spent more on salaries than rules allowed when they were in the division two seasons ago.
The London club have been relegated from the Premier League after just one season back in the top flight.
A Football League spokesman said that QPR would be "welcomed" into the Championship.
QPR revealed a £9.8m loss in March but £60m of loans were written off by owner Tony Fernandes and other shareholders.
If the Football League refuses to find the loans acceptable under its Financial Fair Play rules, QPR could be fined by up to £58m.
|Football League Financial Fair Play|
|Championship clubs were permitted losses of £8m (£5m funded by shareholders) in 2013-14|
|Clubs promoted back to the Premier League who exceeded those losses are subject to a fine|
|There is a sliding scale on the next £10m of losses, with a maximum fine of £6.681m|
|Once losses exceed £18m, the fine is imposed on a strict pound-for-pound basis|
|Should there be an overall loss of £30m, the fine would be almost £19m. If it was £50m, the figure would be nearly £39m|
Excluding QPR from the Championship was an option open to the league if the club refused to pay any fine that is eventually imposed.
The club have begun legal action questioning the validity of the rules but the matter may not be resolved before the new season starts on 8 August.
A Football League spokesman said the process is ongoing but added: "In the meantime, the club will be welcomed back into The Football League this summer ahead of it competing in the 2015/16 Championship season."
Football League clubs have already decided to alter their Financial Fair Play rules from 2016-17.
"With a potential fine and relegation from the Premier League, QPR are facing the loss of about £100m next season," said football finance expert David Bick.
"Getting losses under £8m is a matter of urgency for next season, otherwise they will end up with a transfer embargo."