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Monday, August 20, 2007

F1 boss’s takeover prompts board into mass resignation at QPR

The Championship side Queen’s Park Rangers board of directors have staged a mass resignation with immediate effect as the club takeover by the Renault Formula One team’s boss Flavio Briatore is set to be complete.

The 22m pound takeover is expected to be complete this week. The outgoing board members Nick De Marco, James Ferrary and Kevin Steele made a statement on the club's website.

"We believe the new investment coming into the club will be the most important for years. It will save QPR from the perilous financial position we have found ourselves in and should put the club in an excellent position to move forward"

Club chairman Gianni Paladini will remain as chairman of the club.

Briatore, aged 57 and a billionaire in his own right will wipe out QPR's 17m pounds of debt and invest a figure that could be as high as 100m pounds to bring the club back into contention. The club have not seen the top flight in over a decade, making their last visit to the Premier League in 1996.

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