The Times says Ecclestone will acquire a majority stake in Queens Park Rangers as part of a takeover that is expected to be announced today, but he has not ruled out bidding to take over at Arsenal at a later date. The Formula One rights-holder is joined in a consortium by Flavio Briatore, the principal at the Renault Formula One team and one of his closest allies.

Ecclestone, whose fortune is valued at £2.2 billion, would have to sell most of his stake in QPR, the Coca-Cola Championship club, if he wanted to complete the bid for Arsenal that he has said that he is interested in pursuing. The directors of the Barclays Premier League club have agreed not to sell their shares until at least April.