QPR football club recommends 1p/shr offer from Flavio Briatore’s Sarita Capital

LONDON (Thomson Financial) – Football club Queens Park Rangers Holdings Ltd (QPR) recommended a one penny per share offer from Renault Formula One boss Flavio Briatore’s Sarita Capital Investment Inc on Saturday, valuing the existing issued share capital of QPR at about 1.0 mln stg.Together with current total debt of around 13.0 mln stg, this represents an enterprise value of some 14.0 mln stg, the company said.Sarita Capital also said it bought a 4.9 pct stake while Bernie Ecclestone bought a 15 pct stake in QPR from Franco Zanotti, a director of QPR. Sarita Capital and Bernie Ecclestone have also together agreed to invest up to a further 5 mln stg into the London-based club by way of convertible loanfacilities, QPR said.Gianni Paladini will remain as chairman of QPR Football Club and Flavio Briatore, Bruno Michel and Alejandro Agag will be invited to join the Board. Antonio Caliendo and Franco Zanotti have agreed to resign from the board, the group added.Sarita Capital has received irrevocable undertakings to accept the offer in respect of about 62.3 mln QPR shares representing about 62.3 pct of QPR’s issued share capital, the company said on Saturday.TFN.newsdesk@thomson.comnpr/ejbCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.