Lakshmi Mittal's QPR Involvement Hits The News Stands

-
[There are countless profiles of Lakshmi Mattal. Just links to a handful:Forbes Billionaire Rankings and Wikipedia Mittal Profile ] President and CEO of Mittal And The Time 100 - Mittal Also BBC Profile In the summer was linked to a Birmingham Buy


AP - Britain's richest man invests in Queens Park Rangers soccer club
LONDON (AP) -The family of the richest man in Britain, steel magnate Lakshmi Mittal, has bought a 20 percent stake in League Championship soccer club Queens Park Rangers.
The club, which was taken over by Formula One chief Bernie Ecclestone and Renault team boss Flavio Briatore in November, did not disclose the sum paid for the stake.
Mittal will be represented on the club's board by his son-in-law Amit Bhatia.
"This investment in QPR by the Mittal family is a great stepping stone towards the future development of the club and supports the ambition of the current shareholders to reach the Premier League in the near future,'' the club said in a statement. "The new capital being invested in QPR will help fund the program that is needed to help us achieve this target.''
Italian coach Luigi De Canio was appointed in October but the club is currently last in the 24-club league, which is one tier below the Premier League. Despite that, Bhatia said the family was excited about the club's prospects.
"As a family, we love sport and particularly enjoy English football, and alongside Bernie and Flavio, we hope that we can improve the club's performance, with the ultimate ambition of a place in the Premier League,'' Bhatia said.
Mittal was ranked the fifth-richest man in the world this year by Forbes magazine, which estimated his worth at US$32 billion (?22.3 billion) in August.
Chelsea owner Roman Abramovich was ranked 16th on the Forbes List. Chelsea is located just 5.6 kilometers (3.5 miles) from Queens Park Rangers in West London.
In 2004, Mittal bought a residence from Ecclestone in Kensington, London, for 70 million pounds. CNN/Sports Illustrated

MAIL - Billionaire Mittal buys £1.6m stake in Rangers
Lakshmi Mittal, an Indian steel magnate worth a reported £26billion, has joined Formula One supremos Bernie Ecclestone and Flavio Briatore as an investor in the Championship club.
QPR chose not to make public the amount Mittal has paid for his shareholding but it is believed to have cost him around £1.6million. Mittal will be represented on the club's board by his son-in-law, Amit Bhatia.
A club spokesman said: "This investment is a great stepping stone towards the future development of the club."
Mittal, 57, is a friend of Ecclestone after buying his £70million house in Kensington.
Bhatia added: "Our ultimate ambition is a place in the Premier League." Mail

Sporting Life/PA Sport - Andy Sims QPR BOOSTED BY MITTAL CASH INJECTION
QPR have received a major cash injection after the family of the world's fifth richest man, Lakshmi Mittal, bought up a 20% shareholding of the Coca-Cola Championship club.
Mittal, an Indian steel magnate who is worth a reported £50billion, will be represented on the club's board alongside Bernie Ecclestone and Flavio Briatore by his son-in-law, Amit Bhatia.
In a statement, the QPR board said: "This investment in QPR by the Mittal family is a great stepping stone towards the future development of the club and supports the ambition of the current shareholders to reach the Premier League in the near future.
"The new capital being invested in QPR will help fund the programme that is needed to help us achieve this target."
Formula One chief Ecclestone and Renault team boss Briatore took over at Loftus Road in November and had already pledged hefty transfer funds for manager Luigi De Canio.
Rangers are currently bottom of the Championship, but they could now potentially rival west London neighbours Chelsea in the transfer market should Mittal dip into his vast fortune.
Bhatia added: "The family is excited about becoming involved with Queens Park Rangers Football Club.
"As a family, we love sport and particularly enjoy English football, and alongside Bernie and Flavio, we hope that we can improve the club's performance, with the ultimate ambition of a place in the Premier League." Sporting Life

[Same story on the BBC]

BBC - QPR secure huge investment boost
QPR have been given a cash boost after the family of the world's fifth richest man bought a 20% stake in the club.
The son-in-law of Indian steel magnate Lakshmi Mittal, who is worth a reported £50bn, will join Bernie Ecclestone and Flavio Briatore on the club's board.
"This investment is a great stepping stone towards the future development of the club," said a club statement.
"It supports the ambition of the current shareholders to reach the Premier League in the near future."
QPR are currently bottom of the Championship, but they could now potentially near neighbours and FA Cup third round opponents Chelsea in the transfer market, should Mittal wish to spend his cash.
"The family is excited about becoming involved with QPR," said Mittal's son-in-law, Amit Bhatia.
"As a family, we love sport and particularly enjoy English football, and alongside Bernie and Flavio, we hope that we can improve the club's performance, with the ultimate ambition of a place in the Premier League." BBC

SKYSPORT - Major cash boost for QPR
Mittal family joins Championship club's board - Sky