Flavio Briatore, who runs the Renault Formula One team, is set to become the new owner of English second division football club Queens Park Rangers.
"Mr Briatore wants to do for QPR what Mohamed Al Fayed has done for Fulham and turn us into a Premier League club," Rangers chairman Gianni Paladini told the Sun newspaper on Friday.
"It is a dream come true for all the fans and saves this club from liquidation."
Billionaire Briatore, 57, will wipe out QPR's debt of 17 million pounds ($33.78 million) and invest an extra 100 million pounds over three years, the Sun reported.
Rangers were last in the Premier League in 1996.