Page "Queens Park Rangers F.C." Paragraph 45

Despite QPR's perilous financial condition in 2007 / 2008, the combined personal wealth of the club's new owners ( which included the world's then 8th richest man Lakshmi Mittal ) sparked speculation that QPR would receive significant further investment from their new benefactors drawing parallels to their wealthy West London neighbours Chelsea and Fulham.

However, no significant further funds were made available to the club other than those injected as part of the purchase of its share capital and much of the subsequent player transfer activity involved loan acquisitions or free transfers.

Indeed it was reported in January 2008 that the investors had not discharged the £ 10 million loan from ABC Corporation ( secured on the club's stadium ) together with its £ 1 million annual interest burden — despite the club's prospective annual turnover of between £ 10 million and £ 15 million a year.

Furthermore around £ 2 million was still owed to former director and major shareholder, Antonio Caliendo, who waived £ 4. 5 million of loans when Briatore and Ecclestone bought the club.

It was expected that the ABC loan would be discharged in June 2008 on its maturity and that the debt owed to Caliendo would be paid off " in early 2008 " in line with a funding strategy which Ecclestone publicly stated would not result in the wealthy owners simply bankrolling the club.

In fact the ABC loan was discharged on or around 31 July 2008.

Mittal's investment is thought to be primarily motivated by his son-in-law's interests and that Mittal himself would remain a silent investor while Briatore, Ecclestone and Bhatia worked together to implement the strategy of slowly building the club up ahead of a push for promotion to the Premier League in 2009.

The new owners also pledged to refurbish Loftus Road and use their experience in Formula One to increase sponsorship revenues.