New Investors
On 20 August 2007, the Board of Directors of QPR Holdings Ltd tendered their resignations with immediate effect to facilitate potential new investment. This was followed by a statement made on 1 September that the board had recommended that shareholders accept an offer for QPR from motor racing tycoons Flavio Briatore and Bernie Ecclestone. The club was purchased for £1 million with an agreement to discharge some £13 million of debt. Ecclestone later revealed the new owners' intention to return QPR to the Premiership within 4 years. On 20 December 2007, it was announced that the Mittal family, headed by the world's 5th richest person, Lakshmi Mittal, had taken a 20% stake in the club. Mittal's son in law Amit Bhatia, was appointed a club director.
Read more about this topic: History Of Queens Park Rangers F.C.