QPR have been handed a massive boost ahead of their first season back in the Premier League for 15 years after majority shareholders Flavio Briatore and Bernie Ecclestone revealed that in-demand playmaker Adel Taarabt is staying at the club.
Taarabt had appeared destined to leave Loftus Road this summer, with advanced talks between QPR and PSG expected to confirm his departure to Ligue 1.
But the deal for the former Tottenham midfielder, whose 19 league goals fired the Hoops to the Championship title and promotion back to the Premier League last season, has broken down and he will remain at the club.
A statement from QPR's owners on the club's official website said: "We are pleased to confirm that Adel Taarabt will be staying at QPR this summer.
"Despite receiving a substantial bid for our Moroccan international, we rebuffed all approaches and indeed, we are keen to build for the future in the Premier League, and not sell one of our prized assets.
"Should we have decided to sell Taarabt this summer, we made it clear to Neil Warnock that we would reinvest funds into the squad. Taarabt is fully committed to the club and is looking forward to proving his undoubted star quality for QPR in the Premier League.
"Our decision not to sell him only serves to reiterate the ambition and commitment we have both shown to QPR since we arrived here."
The lengthy statement from Briatore and Ecclestone went on to defend their investment in the club, in the wake of recent criticism about their apparent lack of financial support for manager Neil Warnock.
Warnock said earlier this week that he expected to be forced to "look for Bosmans and look for shrewd acquisitions, loan players etc" because he believed he would not be given any of the money recouped from Taarabt's protracted sale to spend on new players.
But the QPR's owners added: "We saved the club when it was close to relegation from the Championship and just one week from liquidation.
"We have backed Neil Warnock in bringing in his two top targets, Jay Bothroyd and Kieron Dyer, and we are working hard to try and pursue a couple of other targets the coach has identified.
"We are aware of some issues that have been raised in the press by the coach, but we have discussed these with him internally and he has agreed to be more reserved in terms of what he discusses in the future."