The takeover was widely predicted after Fernandes attended QPR’s season-opening game, a 4-0 home defeat to Bolton Wanderers on Saturday. The 47-year-old has bought a majority stake in the club, acquiring the 66% holding previously held by Formula One Management CEO Bernie Ecclestone and former Renault F1 chief Flavio Briatore. However, QPR will maintain its F1 links through Fernandes’ role as team principal of Team Lotus.
Fernandes, who founded low-cost airline AirAsia, will work alongside the Mittal family, who have retained their 33% stake in the club. The new chairman of QPR will be joined on the board by Tune Group co-owner Kamarudin Bin Meranun. Amit Bhatia, son-in-law of Indian steel magnate Lakshmi Mittal, will return to the position of vice-chairman which he left last season following a dispute with QPR’s previous owners.
Fernandes has previously attempted to buy West Ham United and openly admitted he remains a fan of QPR’s London rival. However, he stated he watched his first live game at Loftus Road and is determined to boost the fortunes of the club.
"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,” Fernandes said. "QPR is a raw diamond and hopefully I can contribute into turning it into a diamond.”
He added: “I have ambitions in the long term. 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.”
