F1 bosses seal £30m QPR deal
Formula One chiefs Bernie Ecclestone and Flavio Briatore yesterday completed their £30million rescue of struggling Championship club Queens Park Rangers.
Although current chairman Gianni Paladini will remain in his post, Renault boss Briatore and two of his representatives have joined the board immediately to prevent administrators moving into Loftus Road.
One mission: Ecclestone (right) and Briatore buy into QPR
The effect will be to clear off Rangers' debts, which are thought to be in the region of £20m, and to provide funds to spend in the January transfer window.
Briatore was given a warm reception by Rangers fans as he took a seat in the directors' box before yesterday's 3-0 loss to Southampton.
And he spoke enthusiastically about the challenge of returning the club to the Premier League.
He said: "Bernie and I were delighted to receive a recommendation from the board for our bid and we look forward to working alongside Gianni Paladini and his team.
"We are fully aware of the history of QPR and its loyal fan base, and we are totally committed to bringing future success to the club. 'Gianni, Bernie and I are all determined to see the club return to the Premier League as soon as possible."
The deal allowed John Gregory to spend £900,000 on Sheffield United midfielder Mikele Leigertwood. The takeover announcement however, had to play second fiddle yesterday to Rangers' fans paying tribute to 19-year-old striker Ray Jones, who died in a car crash a week ago.
