Malaysian executive buys QPR from Ecclestone
Wednesday, August 17, 2011
LONDON (AP) -- Queens Park Rangers says the Malaysian businessman who runs budget airline AirAsia and Formula One's Team Lotus has completed his takeover of the English Premier League club.
Tony Fernandes has gained a 66 percent stake in the London club by buying out F1 boss Bernie Ecclestone and former Renault F1 team principal Flavio Briatore.
Steel magnate Lakshmi Mittal, the wealthiest person in Britain, retains his 33 percent stake in QPR. The team recently returned to England's top flight after a 15-year absence.
Ecclestone is relinquishing control of QPR after five years as the majority owner.
Fernandes, who combines his job as chief executive of AirAsia with being an F1 team principal, had previously tried to buy West Ham.