As was rumoured last weekend, Renault team boss Flavio Briatore is set to complete a takeover at London football club Queens Park Rangers, with reports in the British press suggesting that a deal will go through early next week.

According to The Sun, three months of negotiations between Briatore and club chairman Gianni Paladini have resulted in the Italian agreeing to wipe out the ?17 million debt the club currently has in an overall deal worth some ?22 million - with more cash to follow to enable manager John Gregory to strengthen the playing staff in an attempt to take the club back to the English Premier League.

"It's a dream come true for QPR fans and saves this club from liquidation," Paladini was quoted by the 'paper. "Mr Briatore wants to do for QPR what Mohamed Fayed has for Fulham and turn us into a Premier League club."

Briatore himself will hope to emulate his success in the Formula 1 paddock, where he has helped both Michael Schumacher and Fernando Alonso to lift the drivers' title, on the football pitch as QPR attempts to return to the top flight of the English game for the first time since 1996.

"Mr Briatore is looking forward to being involved with English football," a spokesman was quoted as saying. "QPR is a club with a rich history and fine future now."