0 QPR news Mittal 'reviewing position at QPR' October 2, 2012 EmailPrint By Harry Harris, Football Correspondent QPR benefactor Lakshmi Mittal, Britian's wealthiest man, is reviewing his position at Loftus Road, sources have told ESPN. GettyImages West Ham's win added to the pressure on QPR ⢠Fernandes still believes in Hughes ⢠Blog: Hughes defenceless It is believed the steel magnate could be ready to consider selling his one-third share in the Premier League club before Christmas. Chairman Tony Fernandes heads the three-strong consortium in charge of Rangers with a 66% stake. He spent Monday night tweeting a defence of under-pressure manager Mark Hughes after the 2-1 home defeat to West Ham. Hughes is facing a backlash from disgruntled Rangers fans, with Harry Redknapp being touted for the job if he fails to turn results around before the next transfer window - when the big spenders plan to buy even more players. A source told ESPN that the West London club could be losing as much as £5 million a month, having bought virtually an entire new team during the summer and considerably raising the wage bill in the process. Air Asia boss Fernandes persuaded Mittal to continue to back the club - but it remains to be seen how long Rangers will continue to back Hughes if rumours about the benefactor leaving turn out to be true. QPR rely on the support of vice-chairman Amit Bhatia, who looks after the 34% holding owned by Mittal, his father-in-law. But a Premier League chairman told ESPN on Tuesday: "Mittal wants out is the rumour in the game. It has also been suggested that he tried to get out in late August, but Fernandes begged him to stay in until he found another investor. "He agreed to stay until October or November at the latest. The club are losing £4 million to £5million a month." Bhatia tweeted that he had "no plans of going anywhere any time soon" but added: "When the time comes to move on, I will have to. But for now, there's loads still to be done at QPR." It has already been suggested that the Mittal family had an option to withdraw their backing in the close season, having considered selling their shareholding a year earlier. "We had the conversation when things got very difficult," Bhatia said. Before the season started, QPR chief executive Philip Beard told ESPN that the club's only concern was to survive in the Premier League, ensuring they would still be around when the hike in TV revenues kicks in next season.
TF's global brand will outride these stormy seas ... its pressure time on QPR because we bottom ... its called writing a story ... wise up lads.
As we are all naturally upset this morning, we assume he is reviewing his position with a view to withdrawing. That statement may equally be taken to mean that he is reviewing with a view to increasing his stake or opening a war chest in January!
No pressure on Hughes and the team to get a result on Saturday then... Amit's equivocal answer in reply to questions about whether he was leaving was interpreted by some as they wanted to see it, namely the Mittals would be around for the forseeable future. Those of us of a more cynical disposition felt it was the wrong answer to give for an assurance, especially as TF made no comment. This latest report seems to add some flesh to the bones If we can move up the table, we may get a replacement investor. If we don't it will all come down to TF's syndicate and how committed they are...
I've said it before and I'll say it AGAIN: It doesn't make ANY difference who owns the 30% that isn't controlled by TF's consortium. Whoever buys the Mittal shares (IF and) when they come onto the market will need money behind them. They will have NO CONTROL over what ultimately goes on at the club. They will have a presence on the board but can be outvoted by the others. It is more than likely that if Mittal sells it will be to TF's consortium. QPR will not succeed or fail just because one particular person owns 30% of the shares. It matters not if that shareholder has £100m in the bank or £10bn.
I have agreed with you before about the control point Eamon, but if it made no difference who owns the 30%, why is TF so keen for the Mittals to stay in? It spreads the cost of running the club, building the new ground etc. If the TF consortium buy up the 30%, which I agree is quite likely, the consortium will bear 100% of the costs. I imagine TF is anxious to avoid that
