QPR have confirmed Formula One magnates Flavio Briatore and Bernie Ecclestone have made an offer for the club.
Gianni Paladini will remain as chairman but Antonio Caliendo and Franco Zanotti have agreed to resign from the board.
Briatore told the club website: "Bernie and I were delighted to receive a recommendation from the QPR board for our bid for the club."
Paladini added: "This offer provides much needed investment and an excellent opportunity to move the club forward."
Briatore is head of the Renault F1 team and will team up with the sport's supremo Ecclestone in taking control of the club.
Briatore added: "We are fully aware of the history of QPR and the loyal fanbase that it has and are totally committed to bringing future success back to the club."
Paladini said: "I am delighted that Flavio and Bernie have asked me to remain on the board and I hope to play a large part in the future of QPR."
The news was announced prior to QPR's Championship game against Southampton at Loftus Road, where all 11 Rangers players donned shirts carrying Ray Jones' name on the back.
The 18-year-old striker was killed last weekend in a car accident.
A club statement added: "The club will be making no further comment at this stage, as our focus remains on celebrating the life and times of Ray Jones."