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Last Updated: Monday, 3 September 2007, 07:59 GMT 08:59 UK
F1 magnates unveil 14m QPR offer
Bernie Ecclestone
QPR is backing the offer from Mr Ecclestone and his business partner
Formula One magnates Flavio Briatore and Bernie Ecclestone have unveiled details of a 14m offer for Queen's Park Rangers football club.

Under the deal, the pair will pay 1m for QPR's shares and take on 13m of the west London club's debt.

The pair will also loan the club 5m - partly to buy new players.

The board has urged shareholders to accept the deal, saying it represents QPR's best chance of winning promotion to the Premier League "in time".

Under the terms of the offer, Gianni Paladini will remain as chairman but Antonio Caliendo and Franco Zanotti have agreed to resign from the board.

'Commitment'

Mr Briatore said the duo were delighted that their offer had been recommended by the QPR board.

"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," he added.

"Gianni, Bernie and I are all determined to see the Club return to the Premiership within the next four years."

QPR was listed on the stock market in 1986 but hit hard times financially, and in 2001 was forced into administration and taken private.

The club was one of the founding members of the FA Premier League in 1992, and had Premiership status for four years before being relegated in 1996.


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