Neil Warnock has been sacked as QPR manager following a run of nine matches without a win.
Assistant manager Mick Jones and first-team coach Keith Curle have also left the club.
Warnock had led QPR to the Championship title last season, with the club securing promotion on 88 points, and oversaw a number of high-profile transfer signings in the summer after Tony Fernandes took control of the club's ownership.
His side had also made a decent start to Premier League life, with the highlight being a 1-0 victory over London rivals Chelsea at Loftus Road in October.
But their form had taken a turn for the worse of late as a nine-match winless run left the club 17th in the table with 17 points from 20 matches with just one victory - that win over the Blues - coming in front of their own fans.
QPR Chairman Fernandes, said: "This decision has been made in the best interests of the club and I can assure everyone that this is not a decision that was made lightly.
"Sadly, our recent run of poor form has seen us slip alarmingly down the table and the Board felt it was the right time to make a change.
"Neil has acted with honesty, professionalism and integrity throughout his time at the club, and I would personally like to thank him for his significant contribution to QPR over the last 22 months.
"I genuinely wish him all the very best for the future and he will always be welcome back at Loftus Road."
Warnock's last match was on Saturday, where his side struck a late equaliser to earn a 1-1 draw away to League One side MK Dons in the FA Cup.
Warnock said: "Obviously I'm very disappointed, but having achieved so much, I leave the club with a great sense of pride.
"I have enjoyed my time here more than anywhere else and the QPR fans have been brilliant with me - they deserve success.
"My biggest regret is that the takeover didn't happen earlier, because that would have given me the opportunity to bring in the targets I'd pinpointed all last summer and probably given us a better chance to succeed in the Premier League.
"The board at QPR are hugely ambitious and I wish them every success for the future.
"I've been involved in the game a long time and I will be spending the immediate future with my family and friends before deciding my next career move."
Newcastle, Wigan, Aston Villa, Wolves, Blackburn, Fulham, Everton and Bolton are QPR's next eight opponents in the league - a run the new manager will see as a perfect chance to make a strong start with, but one Warnock will have been targeting to get his side back up the table.