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Post by toboboly on Feb 20, 2010 1:46:36 GMT
I am reading (on messageboards) that the Mittals apparently have a 60% sharehold whilst Briatore has sold some shares. How does this mathematically work out considering that the Mittlas originally bought 20% of Briatore's shares which had them on 20% and him on circa 33%. If the Mittlas were on 60% then they would have had to have completely bought out Briatore and then taken shares off of Ecclestone or the other shareholders. This is all sounding like bullshit spin to me. The more I hear the more it doesn't make any sort of economic nor business sense. If someone can explain why/how this all does make sense I am more than happy to listen.
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Post by cpr on Feb 20, 2010 2:50:41 GMT
I don't know share percentages at all but I'm sure Mike can come up with the goods as far as what was documented. What i do recall, is Briatore and Ecclestone were initially equals but Ecclestone rapidly brought Mittal on board and sold some of his shares to him. Mittal then put his son in law on the board in his place. What Bhatia owns, I've no idea. That's my vague recollection and i tihnk I might be drunk now. Good night.
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Post by QPR Report on Feb 20, 2010 9:46:57 GMT
As a "work in Progress" (and things happened after the takeover and Mittal came in) Takeover Announcement qprreport.blogspot.com/2007/09/qpr-takeover-completed-and-officially.htmlApril 2008 AGM qprreport.blogspot.com/2008/04/qprs-agm-report.htmlQPR Official Site - AGM - IN BRIEF Annual General Meeting - Monday 14th April - Loftus Road, W12 In attendance: Alejandro Agag (Managing Director); Gavin Taylor (Chief Financial Officer); Gianni Paladini (Chairman); Ali Russell (Deputy Managing Director); Marco Rapini (Director). The nine (ordinary) resolutions were as follows:... The one (special) resolution was as follows: ...In general... AA explains that the current approximate breakdown of shares is as follows: Sarita - 57 per-cent; Bernie Ecclestone - 15 per-cent; Mittal family - 20 per-cent; Flavio Briatore - 5 per-cent; Shareholders - 3 per-cent.AA explains that there are currently 11 million shares in issue at 1 pence each. Other issues Luigi De Canio - AA explains that the only reason Luigi isn't conducting press conferences in English is because he doesn't want to 'misinterpreted'. GP explains that Luigi is happy here and that stories linking him with a return to Italy because he is 'home-sick' are false, because he only has one member of his family in his country of birth.Youth Department - GP explains that there are on-going plans to take the Youth Department into an 'elite' band.Car Giant - AA explains that an 'amicable agreement' has been made with Car Giant to cease the partnership from next season. AA explains that the Commercial Department are in discussions with three or four interested parties regarding shirt sponsorship, but insists they will not sell cheaply. Transfers - AA explains that there will be 'reinforcements' in the next transfer window and that GP is working on a number of 'exciting' deals.... [And this from almost two years ago! Sunday, June 15, 2008 Possible Caliendo Ownership Challenge to Briatore and Ecclestone Now Reported in Tabloid - As was noted earlier this week on QPR Report! (Also See QPR Report earlier today, looking back at Caliendo Sale) Sunday Mirror/Rory Smith- QPR bosses Flavio Briatore and Bernie Ecclestone could face ownership challenge Formula One moguls Flavio Briatore and Bernie Ecclestone could face a challenge to their ownership of Queens Park Rangers. Antonio Caliendo - former chairman of the club's holding company QPR Holdings - claims Briatore and Ecclestone's consortium have not paid him a penny for his shares in the Loftus Road outfit. It is thought he would have been due about £2million from the deal. Caliendo has revealed he is ready to launch a legal challenge to take the club back. QPR refused to comment.. Sunday Mirror
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Post by QPR Report on Feb 20, 2010 9:49:02 GMT
The Telegraph January 10, 2008
QPR's Owners - "QPR Tycoons Hesitate on Spending Spree"-
For a club just two hours from going bust, the transformation in the financial fortunes of Queens Park Rangers is one of the most amazing stories seen in English football since Roman Abramovich bought Chelsea in 2003.
But for those QPR fans hoping that new investor Lakshmi Mittal has joined forces with Formula One tycoons Bernie Ecclestone and Flavio Briatore to bankroll an Abramovich-style spending spree at Loftus Road, there is likely to be disappointment.
Despite being worth around £19.25 billion, Britain's richest resident has spent only £200,000 on acquiring his 20 per cent stake in the club from flamboyant Team Renault boss Briatore. He has also pledged £1 million to help cover debts and buy new players. To put that figure into context, Mittal spent £30 million on his daughter Vanisha's lavish 2004 wedding in Paris.
All of which begs the question why the Indian steel magnate, an entrepreneur with more than enough money to buy every club in the Premier League and still have change, chose to spend a relatively tiny sum to buy into QPR, a club languishing at the wrong end of the Championship. Although Mittal has access to an executive box at Chelsea and went to the 2006 World Cup final between France and Italy, he is not a big fan of the game.
A clue to the reason for his interest may be found in the involvement of his son-in-law, Amit Bhatia, himself a wealthy investment banker from a rich Delhi family. Bhatia is to take up a place on the QPR board and is said to be the one with a keen enthusiasm for football.
Bhatia was also the driving force behind the foundation of the Mittal Champions Trust, a £4.5 million funding programme set up to boost India's Olympic team in time for the London 2012 Games. Vinod Mehta, editor of Indian magazine Outlook, said: "Although he is very rich, Lakshmi Mitall is a very simple man. He is not a man of extravagant taste. He is not star-struck, so buying into this is not to get publicity or to elevate his status. I suspect this is just for the benefit of his son-in-law."
Ecclestone explains Mittal's involvement in more simple terms. "I told him he should come on board and he took my advice," he said last month. The two became close after Ecclestone sold his house in Kensington Palace Gardens to Mittal for £70 million in 2003.
Mittal is understood to be happy to remain a silent investor in the project, leaving Briatore and Ecclestone to drive the push for the Premier League. "It would be wrong to give your readers the impression that Mittal is about to become another Abramovich," said one source.
But even if Mittal decides not to dent his considerable fortune, these are still heady times for long-suffering QPR supporters. Briatore, worth £110 million, and Ecclestone, worth £2.25 billion, have pledged to turn the club into a Premier League force within the next three years.
The pair completed their £14 million takeover in November, spending £690,000 to acquire their 69 per cent majority stake in the club. Ecclestone spent £150,000 on his 15 per cent, while Briatore, through his British Virgin Islands registered company, Sarita Capital, bought 54 per cent for £540,000. He has since sold on 20 per cent of his stake to Mittal.
Another 31 per cent of smaller shareholders turned down the Briatore and Ecclestone offer of 1p a share, choosing to hold on to their stake, perhaps sensing even greater profits in the future. Briatore and Ecclestone have also pledged another £5 million in convertible loan facilities to help buy players and have covered £13 million of debt, taking their total commitment to nearer £20 million.
But so far they have made no attempt to pay off a £10 million loan to the ABC Corporation which carries a punitive £1 million annual interest charge - a massive burden on a team with an annual turnover of £10 million-£15 million a year. Another £2 million is owed to former director and major shareholder Antonio Caliendo who waived £4.5 million of loans he was owed when he sold out to Briatore and Ecclestone.
Although the former football agent Gianni Paladini has been retained as chairman of the football club board for the time being, the business is now being overseen by the QPR Holdings chairman Alejandro Agag. Married to the daughter of Spain's former prime minister Jose Maria Aznar, he has close links to the F1 business and is one of the most powerful men in his country.
Despite talk of a property plan which would see the new owners sell Loftus Road for redevelopment and move to a new ground - perhaps on a BBC-owned site at White City - he has assured fans they have no immediate plans.
He maintains the strategy is to build the club up slowly ahead of funding a major push for the Premier League next season. They have also vowed to refurbish the existing home and use their F1 experience to increase sponsorship revenues. A new chief executive is expected in the next few weeks.
The owners have wasted no time in matching their words with action in the transfer market, signing five players since the window opened 10 days ago, including the £800,000 capture of Hogan Ephraim from West Ham and the £350,000 signing of Preston's Patrick Agyemang. More signings are said to be imminent.
The question now is whether Mittal, Ecclestone and Briatore are prepared to up their investment to put the club on the same level as their Russian-owned neighbours.
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Post by QPR Report on Feb 20, 2010 9:50:02 GMT
So the BIG question (and want more than just an ITK post) is how many shares have the Mittals bought; what percentage of QPR do they now own? And what % do Briatore & Ecclestone now own
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Post by toboboly on Feb 20, 2010 9:58:42 GMT
The second article you posted are the figures I thought were correct. If they are then I am unsure as to how anything has changed regarding the club apart from names and titles.
I am not an accountant but would it show anything in there?
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Post by QPR Report on Feb 20, 2010 10:04:21 GMT
Mittals Buy Into QPR qprreport.proboards.com/index.cgi?action=display&board=general&thread=966&page=1December 20, 2007 QPR Official Site - CLUB STATEMENT QPR Announcement: The Mittal Family is Investing in QPR and Joining QPR's Board- Queens Park Rangers Football Club is delighted to announce today (Thursday 20th December 2007) that the Mittal Family has taken a 20 per-cent shareholding in QPR Holdings Limited. - Alongside Mr Bernie Ecclestone, Mr Flavio Briatore and Sarita Capital, the Mittal Family will now be a significant shareholder in the Club. - As part of the agreement, the Mittal Family have appointed Mr Amit Bhatia as a Director to the board of the Club. - Speaking on behalf of Queens Park Rangers Football Club, the Board of Directors, said: "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. "The new capital being invested in QPR will help fund the programme that is needed to help us achieve this target." On behalf of the Mittal Family, Mr Bhatia, who is Mr Lakshmi Mittal's son-in-law, said: "The Family is excited 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." *The Club will be making no further comment at this stage.
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Post by Zamoraaaah on Feb 20, 2010 10:34:41 GMT
Sounds like "bullshit spin" to me also.
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Post by QPR Report on Feb 20, 2010 10:38:20 GMT
I think they have to report this at Company House...Scott's usually good at getting this - SCOTT! Not sure how long it takes for the information to get filed and accessible, but I imagine it's not long. Or maybe McIntyre or Kosky will research this. It's not exactly an insignificant question. Nor is it probably a very hard question for someone in the press to get an answer to. (or QPR1st)
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Post by cpr on Feb 20, 2010 11:17:42 GMT
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Post by QPR Report on Feb 20, 2010 12:01:43 GMT
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Post by FloridaR on Feb 20, 2010 12:17:49 GMT
Mittals 20% if they bought him out of Flav's Sarita share - 26.5 % & Flavio individual shares 5% = 51.5 % obviously not the 60% Nothing was mentioned about Bernie's sarita 26.5% or his individual 15%.
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Post by londonranger on Feb 20, 2010 23:55:53 GMT
The Telegraph says, he bought most of Flabs shares (Mittal) so hes the controlling owner Maybe he will tell his son to tell gyanni " Your services have been terriffic at QPR,, dedication. guided us through hard times, but we need to make a change, Good luck and goodbye.
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