QPR have received a major cash injection after the family of the world's fifth richest man, Lakshmi Mittal, bought up a 20% shareholding of the Coca-Cola Championship club.

Mittal, an Indian steel magnate who is worth a reported £50billion, will be represented on the club's board alongside Bernie Ecclestone and Flavio Briatore by his son-in-law, Amit Bhatia.

In a statement, the QPR board said: "This investment in QPR by the Mittal family is a great stepping stone towards the future development of the club and supports the ambition of the current shareholders to reach the Premier League in the near future.

"The new capital being invested in QPR will help fund the programme that is needed to help us achieve this target."

Rangers are currently bottom of the Championship, but they could now potentially rival west London neighbours Chelsea in the transfer market should Mittal dip into his vast fortune.

Bhatia added: "The family is excited about becoming involved with Queens Park Rangers Football Club.

"As a family, we love sport and particularly enjoy English football, and alongside Bernie and Flavio, we hope that we can improve the club's performance, with the ultimate ambition of a place in the Premier League."