BLACKBURN Rovers boss Gary Bowyer says he is clear where the club currently stands going into the January window.

Rovers will receive a New Year transfer embargo if the club’s financial accounts for last season, which have been submitted to the Football League, show a loss of more than £8million.

But even if the club is placed under an embargo for failing Financial Fair Play it does not necessarily mean Bowyer will be prevented from adding to his squad come January 1.

As it is understood that embargoed clubs with fewer than 24 ‘established’ players will still be able to make free transfers and loan signings as long as the total wages per new arrival do not exceed £600,000 a year.

It is also understood that once an embargoed club reaches the maximum 24 ‘established’ players they will be able to trade in on a one in one out basis providing the player coming in does not earn more than 75 per cent of the wages paid to the player going out.

‘Established’ players are players who were above the age of 21 on June 30, 2014 and who have made five or more first-team starts for their current club.

Bowyer said: “I’m clear as the rules are at this particular time but from what I’m led to believe there’s a lot more to go yet so we’ll wait and see what the powers that be actually put in place on January 1.

“But I know where we, as a club, stand at this moment in time.”

The punishment for clubs who post more than an £8m loss for last season and have remained in the Championship will be a transfer embargo.

Whereas the punishment for clubs who post more than an £8m loss for last season and have won promotion to the Premier League will be a fine.

Play-off winners QPR seem certain to be hit with a fine – reported to be up to £60m.

But it also seems certain that their owner, Tony Fernandes, will fight it.

If he does it will throw into question whether Financial Fair Play sanctions can be enforced.

For now, though, clubs are preparing to work within the current guidelines.

If Rovers are forced to work under the constraints of an embargo then Bowyer will have to manage his squad very carefully.

He will have more wriggle room for free transfers or loan signings if defender Alex Baptiste and midfielder Ryan Tunnicliffe were to be recalled by Bolton Wanderers and Fulham respectively next month as players who are on loan from other clubs do count as ‘established’.

But Bowyer, who also has goalkeeper Jason Steele on loan until the end of the season from Middlesbrough, is not entertaining that prospect.

He said: “That’s a question that is very difficult to answer because there are other people involved.

“I know both players are very happy here and their performance levels have been good for us and like I say it’s something we’ll concentrate on nearer the time.”

Players out on loan do not count among as ‘established’ players in the parent club’s squad.

Rovers now have just two ‘established’ players out on loan, midfielder Josh Morris and striker Leon Best, after defender Bradley Orr returned from his season-long loan from Major League Soccer outfit FC Toronto.

Bowyer said: “Brad is back in the country and back training with us and we’ll see what happens come January.

“But at this current time he’s still registered as part of the MLS and that doesn’t clear until January 1.”