QPR fans celebrate Rangers winning promotion to the Premier League, which will give a boost to businesses around the club's Loftus Road ground

Queens Park Rangers’ promotion to the Premier League means one of the smallest boroughs in the country now has three top-flight football teams.

As well as QPR, Hammersmith and Fulham is also home to both Chelsea and Fulham.

It means the fourth smallest borough in the UK is the only one with three top-tier football teams.

The council is predicting businesses around Shepherds Bush will enjoy a £700,000 annual cash boost from QPR’s promotion, particularly shops in Uxbridge Road and around Shepherds Bush Green which will benefit from more passing trade.

QPR, which itself will gain an extra £40million a yea from television income, higher gate receipts and increased commercial income, will face several London derbies next season as well as high-profile opponents such as Manchester United and Liverpool.

Council leader Stephen Greenhalgh said: “Our football clubs are key businesses locally that generate jobs and wealth for borough residents and put a lot back into our local neighbourhoods.”

Last month it was announced Fulham and QPR will be taking over match-day traffic management costs from the council, saying taxpayers in the borough more than £100,000 a year.