Racing duo Briatore and Ecclestone to buy QPR
03/09/2007 |
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Formula One duo Flavio Briatore and Bernie Ecclestone said on Monday their 14 million pound takeover bid for second division soccer side Queens Park Rangers had been recommended by the club's board.
Briatore and Ecclestone's offer, at 1 pence a share, values the club at 1 million pounds. The remaining 13 million pounds is the cost of the club's debt.
QPR said Renault team boss Briatore and Formula One supremo Ecclestone had promised to invest 5 million pounds on the club and players using borrowed cash, while chairman Gianni Paladini would remain in the job.
The formula one pairing said they were hoping to steer the club into England's top division by 2011.
"Gianni, Bernie and I are all determined to see the Club return to the Premiership within the next four years," said Briatore.
"We are fully aware of the history of QPR and the loyal fan base that it has; we are therefore totally committed to bringing future success back to the club."
The west London club lost 3-0 at home to Southampton on Saturday and remain in the bottom three of the division, with only one point from three games.
In 2005 Paladini accused two former shareholders and five other men of threatening him at gunpoint minutes before a match and ordering him to resign.
All seven were found not guilty of the charges.
(Source: Reuters)
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