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Formula One Bosses Confirm Deal for QPR

An investment group including Formula One chiefs Bernie Ecclestone and Flavio Briatore said Monday it agreed to buy U.K. soccer club Queens Park Rangers for14 million pounds ($28 million), including debt.

Newly-formed Sarita Capital will pay 1p per share, or 1 million pounds, in cash for QPR and will also pay off 13 million pounds of the the club's debt.

QPR is currently struggling with about 20 million pounds in debt, having spent the last ten years inEnglish football's second-tier league, the Championship.

"If they get the right kind of manager and the right kind of support, the level of money available from the media, particularly television, is so substantial it doesn't need an awful lot to turn this around," David Buik, Partner at BGC Partners, told "Squawk Box Europe."

"Briatore and Ecclestone don't settle for second best," Buik added.

Ecclestone and Briatore will also provide a 5 million pound debt facility for the club, Sarita Capital said.

Ecclestone, who is a billionaire Formula One rights holder, was thought to be interested in taking over another U.K. club, Arsenal, but Briatore, the Renault F1 team boss, formed a takeover consortium for QPR and convinced Ecclestone to join him, the Financial Times reported.