The QPR Takeover: Further Details

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David McIntyre/Ealing Gazette - August 20,2007
Caliendo paves way for new Italian regime Rangers all set for change of ownership

Major shareholder Antonio Caliendo has finally agreed to sell his stake in QPR to a group that includes Renault Formula One team boss Flavio Briatore.
The proposed deal ran into serious trouble last week when Caliendo released a statement saying the club was not for sale following a furious row with Rangers chairman Gianni Paladini prior to Tuesday night’s Carling Cup game against Leyton Orient.
Talks resumed the next day and the buy-out looked to be back on.
Yet even as Paladini and his allies were celebrating, Caliendo was talking to other interested parties about a possible alternative deal.
But Caliendo is now ready to sell to the new Italian regime and is due to formally sign over his shares on Tuesday.
Paladini, who is selling most of his share, is to stay on as chairman but - at the request of the incoming new owners – the rest of the QPR board of directors have resigned.
Kevin Steele, who did much of the work to secure the takeover, is stepping down along with Nick De Marco and recently-appointed director James Ferrary.
Caliendo and his Monaco-based backers have been involved with QPR since 2004.
Former Brazil captain Dunga was part of the group as were a number of other individuals, including former Argentina international Ramon Diaz.
At one stage, Diaz was in line to take over as manager before a winning run saw Ian Holloway cling onto the job.
Paladini and the Monaco-based groups collectively owned a majority of shares in QPR under the guise of companies Moorbound, Barnaby and Wanlock.
Three new companies will now similarly own a majority stake as part of the takeover agreement.
One of the first tasks facing the new owners will be to rid Rangers of the troublesome £10million loan arranged prior to the club coming out of administration in 2002.
The interest rate of around 11 per cent has been a major burden and the terms of that deal were changed when a recent additional £1.3million loan was agreed.
ABC Corporation can now acquire the freehold on Loftus Road if the original £10million loan is not resolved by August next year.
The new owners plan to take on this loan themselves at a much more favourable interest rate – probably around 6.5 per cent. Ealing Gazette