The chair of Queens Park Rangers (QPR) football club, Bill Power, has announced that a rescue package has been agreed with a consortium called Barnaby Holdings.

An initial sum of £550,000 has been invested in the cash-strapped club by Barnaby Holdings – whose members wish to remain anonymous – while there is the promise of ‘more to come’.

The consortium will be given an initial 10 per cent stake in the club, with the option to take up a further 19.9 per cent share later.

Recently, the club had announced losses of over £4m – including a £2m tax bill – for the past two financial years. The deal will now enable QPR to pay off some of this outstanding debt.

Speaking about the consortium, Power said: “These are good football people and when they’re ready, they will make it known who they are.

“They had spoken to four other clubs and none tempted them like we did. They love the place and they love the atmosphere.

“We’re still going to lose money this year, but nowhere near the money we’ve lost, annually, over the last four or five years. We’ve made some quite dramatic changes but they had to be made.

“But next year, if we stay in this division, we’ll be able to break even and even if we go down, we would still break even.

“We’ve also got several smaller investors who want to put money in and two other people who are willing to take up option on the larger amount of shares.

“We’re confident we’ve turned the corner.” Details: www.qpr.premiumtv.co.uk