QPR in Takeover Talks
MAJORITY shareholders Bernie Ecclestone and Flavio Briatore look set to sell their stake in the club after it was announced the pair are in preliminary takeover discussions with an unnamed buyer.
The details of the takeover remain vague but qpr.co.uk stated yesterday, 'On 4th March 2011 the Company (QPR Holdings Limited) announced that it was in preliminary discussions with a potential purchaser.'
'At the time the Takeover Panel confirmed that should those discussions result in an offer being made for the Company, the offer would be subject to the City Code on Takeovers and Mergers (the Code), even if such an offer was made after 2nd April 2011, being the date on which the Company ceased to be to the Code, due to it being de-listed 10 years previously.'
'The Company confirms that these discussions came to an end in March 2011.'
'Since the end of these discussions, the Company has entered into preliminary discussions with a different party and can confirm that these discussions and any subsequent transaction would not be subject to the Code.'
'Accordingly the Company confirms that it is no longer in an offer period for the purposes of the Code.'
'We will be making no further comment at this stage.'
Prior to this statement, Ecclestone hinted in March he might be interested in selling his 69 per cent stake for £100million. The club entered into talks with an unnamed group, but those talks broke down.
Hopefully the latest discussions have a positive conclusion and the club can move forward on and off the field.