Monday, December 24, 2007

Mittal falls for soccer, buys an English club

Lakshmi N Mittal, the richest man in Britain, has bought a 20 percent stakeholding in a lowly ranked London football club to make it - in theory - the world's richest club.

Fans of Queen's Park Rangers (QPR), based in the West London neighbourhood of Shepherd's Bush, were celebrating after the Indian-born steel magnate bought the stake from the club's owners, Formula One racing tycoons Bernie Ecclestone and Flavio Briatore.

Ecclestone is worth £2.5bn, Renault chief Briatore £60mn and Mittal - the world's fifth richest man - a whopping £26 bn, their combined eye-popping wealth making the club even richer than Spain's Real Madrid, soccer experts said.

Mittal, the first Indian to buy into an English football club, will be represented on the QPR board by his son-in-law Amit Bhatia.
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