F1 Duo Confirm £14m Qpr Takeover Bid

Formula One duo Flavio Briatore and Bernie Ecclestone have officially confirmed
their £14m takeover offer for London football club Queen’s Park Rangers.

Under the terms of the offer, Renault team boss Briatore and F1 supremo
Ecclestone will pay £1m for the shares in the club whilst taking on £13m of
QPR’s debts.

As part of the deal, the pair will also loan the club £5m much of which will
go towards buying 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.

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