Monday 16 August 2004

Rangers chairman Bill Power today confirmed that the club has received payment of over £550,000 from Barnaby Holdings in return for a 10% stakeholding in QPR. The new investors have an option to buy a further 19.9% holding in the next few weeks.

Andrea Primicerio has joined the board of directors where he will represent the consortium that has made the investment.

The announcement came less than two months after Nick Blackburn, Ross Jones and David Davies quit the board at Loftus Road.

Details of the consortium are hazy at the moment, with them being referred to variously as "New York based", "French and Italian based", and "a Monte Carlo investment group"

Bill Power is expected to clarify matters tomorrow when he will be interviewed on the club's official website.