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Friday, August 31, 2007

"After a Final Round of Talks"...Briatore & Ecclestone Set to Announce QPR Purchase!

Guardian - Stuart James and David Hytner Friday August 31, 2007
"...Flavio Briatore is set to announce that he has purchased a majority stake in Queens Park Rangers, together with Bernie Ecclestone, his fellow formula one powerbroker, after a final round of talks in London last night.
The Championship club are carrying debt of £21m, including a £10m loan from the Panama-based ABC Corporation at an annual interest rate of 10%. But Briatore, the Renault principal, in tandem with Ecclestone, the formula one rights holder, who has changed his mind from three weeks ago and clambered on board, intend to pay off ABC.
Their takeover is estimated to be worth £25m but they will also back John Gregory, the manager, with funds in the transfer market. QPR's board resigned last week to clear the way for the new investors. Guardian

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