Mittal buys stake in UK football club
The steel baron buys 20% stake in Queens Park Rangers to join F1 supremos B Ecclestone and F Briatore on the board.india Updated: Dec 21, 2007 02:35 IST
NRI steel tycoon Lakshmi Mittal on Thursday bought a 20 per cent stake, worth 1.6 million pound, in Britain's Championship football club Queens Park Rangers.
Mittal, fifth richest man in the world, will join Formula One supremos Bernie Ecclestone and Flavio Briatore on the board of the club through his representative and 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," a statement by the club said.
"The new capital being invested in QPR will help fund the programme that is needed to help us achieve this target."
Bhatia said the "family is exicited 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," Bhatia said.