Malyasian entrepreneur Tony Fernandes has completed his takeover of Queens Park Rangers. He has bought out the stakes of majority shareholders Bernie Ecclestone and Flavio Briatore giving him a 66 per cent stake in the club.
QPR said Mr Fernandes would become chairman and Amit Bhatia, the son-of-law of steel entrepreneur Lakshmi Mittal, who owns the remainder of the club, would return as vice-chairman. He resigned in May angered by board decisions to sack former chief executive Ishan Sakesensa and to increase ticket prices.
Malyasian entrepreneur Tony Fernandes has completed his takeover of Queens Park Rangers. He has bought out the stakes of majority shareholders Bernie Ecclestone and Flavio Briatore giving him a 66 per cent stake in the club.
QPR said Mr Fernandes would become chairman and Amit Bhatia, the son-of-law of steel entrepreneur Lakshmi Mittal, who owns the remainder of the club, would return as vice-chairman. He resigned in May angered by board decisions to sack former chief executive Ishan Sakesensa and to increase ticket prices.
Mr Fernandes is bringing on to the QPR board fellow Malaysian and long-term business partner Kamarudin Bin Meranun, the joint owner with Mr Fernandes of Tune Group, which runs hotel, financial services and mobile phone businesses.
No details of the transaction were revealed, but it is thought that it was nowhere near the £100m Mr Ecclestone was seeking. It is belived to equal the total that Ecclestone and Briatore have paid into the club in shares and loans since they took over in 2007.
Mr Fernandes told the QPR website, ‘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.’