QPR lifted as Italian pumps millions into club

Queens Park Rangers have received a huge boost ahead of Saturday's promotion clash with Swindonin the form of a multi-millionpound investment from Italian businessman and agent Gianni Paladini.

Paladini's Leeds-based property company, Moorband Limited, have bought a 22 per cent share in QPR Holdings and could increase their stake further if the club win promotion-to the First Division. Paladini has more than 30 years' experience as a football agent and will play a key role in restructuring the QPR squad this summer.

He looked at several other clubs, including Port Vale, before choosing to invest in QPR, where he will be represented on the board by his financial advisor Azeen Malik.

Rangers chairman Nick Blackburn said: "It's the first chunk of investment we wanted and there should be more to follow. We've been let down in the past so this is very good news for the future of the club."

Rangers have been desperately searching for new backers since coming out of administration almost two years ago. A £10million loan from Panama-based ABC Corporation has enabled them to stay solvent in the interim but the £1m-a-year repayments were unsustainable and player sales seemed inevitable without new funds. The recent signings of Jamie Cureton, Arthur Gnohere and Richard Johnson have been funded by supporters but the club's financial position is now more stable.

Rangers are talking to two other parties about buying similar-sized stakes and expect to make another announcement in the next 10 days.

Chief executive David Davies said: "It's a small step and we're still talking but I'm very pleased they've come on board and can help us take the club forward."