Billionaire Mittal buys £1.6m stake in Rangers

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Lakshmi Mittal, an Indian steel magnate worth a reported £26billion, has joined Formula One supremos Bernie Ecclestone and Flavio Briatore as an investor in the Championship club.

QPR chose not to make public the amount Mittal has paid for his shareholding but it is believed to have cost him around £1.6million.

Mittal will be represented on the club's board by his son-in-law, Amit Bhatia.

A club spokesman said: "This investment is a great stepping stone towards the future development of the club."

Mittal, 57, is a friend of Ecclestone after buying his £70million house in Kensington.

Bhatia added: "Our ultimate ambition is a place in the Premier League."