And The Sun reports its a done deal also

"F1 chief Flavio is a Ranger" - From The Sun

By PAUL JIGGINS
August 17, 2007

FORMULA ONE chief Flavio Briatore has won the race to buy QPR.

The Renault boss will complete a £22million deal for the Londoners
early next week.

It follows three months of negotiations between the Italian tycoon and
Rangers chairman Gianni Paladini.

Billionaire Briatore has agreed to wipe out Rangers' £17m debt —
saving the club from going bust.

He is also expected to give boss John Gregory cash to splash in
January's transfer window.

Paladini will stay on as chairman at Loftus Road.

And last night he said: "It's a dream come true for QPR fans and saves
this club from liquidation.

"Mr Briatore wants to do for QPR what Mohamed Fayed has for Fulham and
turn us into a Premier League club."

Flamboyant Briatore, 57, is renowned for having a shrewd business brain.

He transformed the US operations of fashion firm Benetton and turned
just five stores into 800.

In 1989 Luciano Benetton asked him to work his magic on his F 1 outfit
— and two years later Briatore signed Michael Schumacher.

And in 2003 he promoted reigning Formula One champ Fernando Alonso —
who was then Renault's test driver — to the team.

Briatore has a lavish home in London and last night his spokesman
said: "Mr Briatore is looking forward to being involved with English
football.

"QPR is a club with a rich history and fine future now."