New Queens Park Rangers boss Steve McClaren has suggested that he will not have much money to spend in the transfer market this summer.

Earlier this week, McClaren was confirmed as the replacement for Ian Holloway, and the former England manager has been backed to continue to develop the club's younger players in the first team.

McClaren has acknowledged that is the strategy that the London outfit will adopt this summer, claiming that "money is tight" at Loftus Road.

The 57-year-old is quoted by Sky Sports News as saying: "Every job is a coaching job – developing and making players better – but especially here where the budget's not so big. Money's tight.

"The academy has produced players. They've been given a chance and now they need developing and encouraging. The owner, the board and management have done well over the last two years, got the budget down and encouraged young players to come through.

"They've been a breath of fresh air, the youngsters coming through, and we as a club ought to build on that."

QPR finished in 16th place in the Championship standings this season.