Grapevine: QPR accept Briatore, Ecclestone bid

Briatore and Ecclestone's offer, at 1 pence a share, values the club at 1 million pounds. The remaining 13 million pounds is the cost of the club's debt.

QPR said Renault team boss Briatore and Formula One supremo Ecclestone had promised to invest 5 million pounds on the club and players using borrowed cash, while chairman Gianni Paladini would remain in the job.

GP2 director Bruno Michel and Spanish businessman Alejandro Agag will be invited to join the QPR board with Briatore, as they are both part of the Sarita Capital company created to buy the football team.

The Formula One pairing said they were hoping to steer the club into England's top division by 2011.

"Gianni, Bernie and I are all determined to see the Club return to the Premiership within the next four years," said Briatore.

"We are fully aware of the history of QPR and the loyal fan base that it has; we are therefore totally committed to bringing future success back to the club."

The west London club lost 3-0 at home to Southampton on Saturday and remain in the bottom three of the division, with only one point from three games.

In 2005 Paladini accused two former shareholders and five other men of threatening him at gunpoint minutes before a match and ordering him to resign.

All seven were found not guilty of the charges.