Fernandes Completes QPR Takeover

Malaysian tycoon Tony Fernandes has completed his takeover of Queens Park Rangers.

The Premier League club has confirmed the owner of budget airline AirAsia has secured his buyout.

He's assumed a 66 percent stake in the newly promoted West London outfit from previous shareholders Bernie Ecclestone and Flavio Briatore.

The 47-year-old, who is also the team principal of Formula One's Team Lotus, will work alongside the Mittal family, who have retained their 33 percent stake in the club.

Fernandes, who describes himself as a West Ham fan on his Twitter feed, said he had long held a "soft spot" for QPR, which he described as a "raw diamond."

"Everyone knows I've followed West Ham all my life, but I've always had a soft spot for QPR," Fernandes said.

"Rangers were one of the first teams I watched as a child at Loftus Road.

"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.

"QPR is a raw diamond and hopefully I can contribute into turning it into a diamond."