Malaysian airline entrepreneur Tony Fernandes has completed his takeover of QPR, the club have announced.
Fernandes' company Tune Group has bought a 66% stake, buying out previous majority shareholders Flavio Briatore and Bernie Ecclestone.
"QPR is a raw diamond and hopefully I can contribute into turning it into a diamond," Fernandes told the club's official website, www.qpr.co.uk.
Fernandes, the founder of AirAsia, and his business partners will work alongside the Mittal Family, who have retained their 33% stake.
The 47-year-old West Ham fan, who is also the team principal of Formula One's Team Lotus, will become chairman of QPR Holdings Ltd.
"I lived in Uxbridge Road for many years and grew up around the area," Fernandes continued.
"Everyone knows I've followed West Ham all my life, but I've always had a soft spot for QPR.
"Rangers were one of the first teams I watched as a child at Loftus Road.
"The opportunity to get involved with the club was mentioned to me by the previous owners and here I am.
"I've always wanted to be involved in football and the appeal of a London club, like QPR, was too good an opportunity to turn down.
"It's funny how life has a way of spinning things round. It goes full circle sometimes."
Fernandes' personal fortune was estimated at £200million in 2010 when he was ranked Malaysia's 19th-richest person.
The hope of QPR fans is that his arrival at Loftus Road will see funds made available to manager Neil Warnock to strengthen his squad.
QPR are among the favourites for relegation from the Barclays Premier League following a summer of underwhelming transfer activity.
But this week they have been linked with a move for West Ham's England midfielder Scott Parker with further signings likely to follow now that Fernandes has completed his takeover.
The Malaysian, however, is wary of making any lofty predictions for the club.
"I have ambitions in the long term," he said.
"I could easily say we're going to win the Champions League and the Premier League, but that's really not my style.
"I don't want to make big promises I can't guarantee.
"I want the fans to be proud of what we're doing and be involved as much as we can.
"The fans pay good money and are stakeholders, so whatever we do, I want the fans to be proud. We'll do it in style and with integrity.
"I'm keen to create a good academy, so that there's a constant supply of players.
"We're in a fantastic part of London and we should be bringing kids through.
"The third aspect is to be a strong partner in the community and to make a difference in the community.
"Of course you don't go into anything in the sporting world and not want to be the best, but these things take time and I'd rather let the results speak for themselves."
Vice-chairman Amit Bhatia, who resigned in May following a disagreement with the board over ticket price increases, will return to his former role.
Bhatia joined the board as a representative of father-in-law Lakshmi Mittal in 2007.
"I'm very excited to welcome Tony to QPR and having spent considerable time with him, know that we share the same vision and values," he said.
"We have discussed in great detail how to restore pride at the club and I'm very pleased with the outcome of these discussions.
"It was a very difficult decision to resign from the board when I did, so I'm thrilled to be back.
"Tony and I will work alongside each other to try and make this season as exciting and successful as possible.
"I love this club and this is a very happy day for me."
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Fernandes' company Tune Group has bought a 66% stake, buying out previous majority shareholders Flavio Briatore and Bernie Ecclestone.
"QPR is a raw diamond and hopefully I can contribute into turning it into a diamond," Fernandes told the club's official website, www.qpr.co.uk.
Fernandes, the founder of AirAsia, and his business partners will work alongside the Mittal Family, who have retained their 33% stake.
The 47-year-old West Ham fan, who is also the team principal of Formula One's Team Lotus, will become chairman of QPR Holdings Ltd.
"I lived in Uxbridge Road for many years and grew up around the area," Fernandes continued.
"Everyone knows I've followed West Ham all my life, but I've always had a soft spot for QPR.
"Rangers were one of the first teams I watched as a child at Loftus Road.
"The opportunity to get involved with the club was mentioned to me by the previous owners and here I am.
"I've always wanted to be involved in football and the appeal of a London club, like QPR, was too good an opportunity to turn down.
"It's funny how life has a way of spinning things round. It goes full circle sometimes."
Fernandes' personal fortune was estimated at £200million in 2010 when he was ranked Malaysia's 19th-richest person.
The hope of QPR fans is that his arrival at Loftus Road will see funds made available to manager Neil Warnock to strengthen his squad.
QPR are among the favourites for relegation from the Barclays Premier League following a summer of underwhelming transfer activity.
But this week they have been linked with a move for West Ham's England midfielder Scott Parker with further signings likely to follow now that Fernandes has completed his takeover.
The Malaysian, however, is wary of making any lofty predictions for the club.
"I have ambitions in the long term," he said.
"I could easily say we're going to win the Champions League and the Premier League, but that's really not my style.
"I don't want to make big promises I can't guarantee.
"I want the fans to be proud of what we're doing and be involved as much as we can.
"The fans pay good money and are stakeholders, so whatever we do, I want the fans to be proud. We'll do it in style and with integrity.
"I'm keen to create a good academy, so that there's a constant supply of players.
"We're in a fantastic part of London and we should be bringing kids through.
"The third aspect is to be a strong partner in the community and to make a difference in the community.
"Of course you don't go into anything in the sporting world and not want to be the best, but these things take time and I'd rather let the results speak for themselves."
Vice-chairman Amit Bhatia, who resigned in May following a disagreement with the board over ticket price increases, will return to his former role.
Bhatia joined the board as a representative of father-in-law Lakshmi Mittal in 2007.
"I'm very excited to welcome Tony to QPR and having spent considerable time with him, know that we share the same vision and values," he said.
"We have discussed in great detail how to restore pride at the club and I'm very pleased with the outcome of these discussions.
"It was a very difficult decision to resign from the board when I did, so I'm thrilled to be back.
"Tony and I will work alongside each other to try and make this season as exciting and successful as possible.
"I love this club and this is a very happy day for me."
more..
