Flashback 13 Years: (July 28) It's Tony Fernandes & QPR

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Flashback/Bump 13 Years


MAIL
Lotus chief and West Ham fan Fernandes poised to buy QPR for £100m
By Sami Mokbel for the Daily Mail and Alex Kay for the Daily Mail UPDATED: 17:34 EST, 28 July 2011


Air Asia tycoon Tony Fernandes is plotting a £100million move to buy Queens Park Rangers.
Sportsmail understands the multi-millionaire businessman, who is team principal for Formula One outfit Team Lotus,
is growing increasingly confident of striking a deal to take control of the Barclays Premier League club.

Fernandes, 47, has already been shown around Loftus Road and talked to manager Neil Warnock about transfer funds as Rangers plan for their return to the top flight.

Co-owner Bernie Ecclestone has said £100m would be enough to take over the west London club. Ecclestone holds a 62 per cent
shareholding and although business partner Flavio Briatore has an option to buy the shares if the 80-year-old decides to sell, it is believed the pair have given Fernandes the go-ahead for the move.

The club's other shareholder Lakshmi Mittal has failed to secure Ecclestone's shares after refusing to meet the asking price.

A QPR statement confirmed 'preliminary discussions' had taken place over the sale. West Ham fan Fernandes lost out to David Gold and David Sullivan in his bid to buy the Hammers in January 2010 but claimed earlier this year that he was still looking to invest in the club.
www.dailymail.co.uk/sport/football/article-2020010/Lotus-chief-Fernandes-buy-QPR-100m.html#ixzz3hAtcmFOM


QPR STATEMENT

Thursday, July 28, 2011
Statement from QPR Holdings

_____________________________________________________________________________________



QPR Official Site

CLUB STATEMENT
Posted on: Thu 28 Jul 2011

On 4th March 2011 the Company (QPR Holdings Limited) announced that it was in
preliminary discussions with a potential purchaser.

At the time the Takeover Panel confirmed that should those discussions result in
an offer being made for the Company,
the offer would be subject to the City Code on Takeovers and Mergers (the Code),
even if such an offer was made after 2nd April 2011, being the date on which the Company
ceased to be to the Code, due to it being de-listed 10 years previously.

The Company confirms that these discussions came to an end in March 2011.

Since the end of these discussions, the Company has entered into preliminary discussions with a different party and
can confirm that these discussions and any subsequent transaction would not be subject to the Code.

Accordingly the Company confirms that is it no longer in an offer period for the purposes of the Code.

We will be making no further comment at stage. QPR



EVENING STANDARD

Tony Fernandes agrees to buy 51% share in QPR
In the driving seat: Tony Fernandes

Simon Johnson

Published: 29 July 2011

Air Asia owner Tony Fernandes will become a majority shareholder at QPR after agreeing to buy a 51 per cent stake in the club.

Standard Sport can confirm that Fernandes, who is the team principal of Formula One's Team Lotus, has been in talks with the club over a possible takeover.

Rangers have attracted interest from two other unnamed parties since Bernie Ecclestone, who has a 62 per cent stake in the club, admitted in March that he would be willing to sell his share for £100m.

Initial negotiations seemed to ensure Fernandes' investment would only be enough to secure a role as chairman, with co-owners Flavio Briatore and Ecclestone still calling the shots.

However, Fernandes has agreed a deal to buy the majority of Ecclestone's shares to assume overall control.

It could mean a major power shift in the club with Ecclestone and Briatore owning just 16 per cent between them as Lakshmi Mittal still has a 33 per cent stake.

Standard Sport understands Fernandes is flying out to the club's pre-season training base in Italy tomorrow to meet with Warnock and discuss plans for the new season, including some more transfer targets.

Fernandes, who has already been shown around Loftus Road, failed in a bid to buy West Ham in January 2010.

Meanwhile, Rangers are set to finally secure the £1.25m signing of striker DJ Campbell from Blackpool.

Talks had stalled over personal terms for the 29-year-old, who scored 13 goals in the top flight last season, but now a deal is close to being agreed.

www.standard.co.uk/sport/football/tony-fernandes-agrees-to-buy-51-share-in-qpr-6427286.html

qprreport.blogspot.com/2011_07_01_archive.html


And trying then to find out more re TF


Of course, mind turn out to be someone else

Start of course, With Wikipedia
en.wikipedia.org/wiki/Tony_Fernandes

BBC

Tony Fernandes hits back at West Ham owner Sullivan
3 June 2011

Tony Fernandes has become embroiled in a war of words with West Ham owners David Sullivan and David Gold after they condemned his bid to buy the club.

On Wednesday, Fernandes, principal of the Team Lotus Formula 1 outfit, tabled an offer for the club he supports.

Sullivan branded the offer as derisory, telling London's Evening Standard: "He wanted 51% of the club for two bob."

Fernandes responded: "Make up your mind Sullivan and Gold. One minute you say no offer then you say it's a joke."

The Malaysian businessman, responding to Sullivan's comments on social networking website Twitter, added: "It was a good offer with good money and brought in good people.

"Gold and Sullivan can say whatever they want. I have been a lifelong fan and would have brought good money, good ideas, new people and a new belief.
Continue reading the main story

We're interested in finances coming into the club, we welcome that

West Ham co-owner David Gold

"As for PR stunts. Wow. They are always in the press making huge claims. Were we not supposed to be in Europe. Now we have been relegated. Two sacked managers. All good players will be sold.

"No new training ground which is the most important ingredient I feel. Look at how many injuries we have. And more investment into the academy."

Sullivan had said on Thursday: "He thinks somehow that we are desperate to have him involved or desperate for the small amount of money he offered for 51% of the club."

However, West Ham co-owner David Gold had earlier stated he was interested in talking to the Malaysian.

"We're interested in finances coming into the club, we welcome that," said Gold.

"I certainly would be very happy to sit down with Tony with a view to him joining the board and bringing in desperately needed finance."

In 2009, Fernandes first expressed an interest in taking over at Upton Park but lost out on that occasion to Sullivan and his business partner Gold.

"We are not looking to sell the club but, as we have always said, we would love co-investors to join us in rebuilding West Ham United, which has been our aim ever since we took charge back in January 2010," added Sullivan.

"In the event that a serious investor came forward as was the case at Chelsea and Manchester City, we would naturally consider it for the good of the club - but this is certainly not the case in this instance."

Fernandes is a life-long West Ham fan but had previously been linked with investing in Norwich, near where his F1 team are based.
Tony Fernandes Businessman Fernandes received the CBE earlier this year

But two days ago he tweeted: "Can I just say to all. Norwich doesn't need me and they are doing great. Not interested in buying them or any other club. Only West Ham if deal makes sense."

Meanwhile, newly appointed West Ham manager Sam Allardyce hopes that any change of ownership does not impact on him, as it has done in the past.

"My information, having spoken to David Sullivan, was that he did not want to sell West Ham football club, because it is his club," Allardyce told Sky Sports News. "It is the club he has always supported.

"That was one of the reasons why I took the job, because I didn't want any fractions in terms of change of ownership.

"My reputation has already suffered wrongly by new ownerships at Newcastle and Blackburn dispensing of my services when there was no real credibility in that other than the fact that they were new owners and didn't want me.

"It wasn't down to results, it wasn't down to the way I have performed as a manager, so, if that's the case and that materialises then obviously I am surprised at that.

news.bbc.co.uk/sport2/hi/football/13620939.stm



Last year's Standard/Ken Dyer - Jan 2010

Millionaire Tony Fernandes shows he's Tweet on Hammers takeover


The battle for ownership of West Ham was hotting up following a big hint by millionaire Malaysian businessman Tony Fernandes that he is ready to bid for the beleaguered Premier League club.

There were weekend reports that former Birmingham co-owners David Gold and David Sullivan were well advanced with their negotiations over a £46million bid for a 50 per cent stake for the Upton Park club.

However, Fernandes, who had intimated he would not be making a bid, made a strong indication he may have changed his mind with a Twitter post at half-time of West Ham's FA Cup third-round tie against Arsenal. The Hammers led 1-0 at the time before eventually losing 2-1 and the message read: "Great half for the young Hammers. Soon they will have an owner who will make a difference and care."

Fernandes, who owns Air Asia and is behind the formation of the new Lotus F1 team, was born in Malaysia but educated in England, at Epsom College between 1977-83, during which time he became a firm West Ham supporter.

The 45-year-old earned his reputation as a businessman when, after re-mortgaging his house and against expert advice, he bought the failing government-linked airline AirAsia and turned it around. He has subsequently had more success with the creation of no-frills chain Tune Hotels and his personal worth is estimated at around £300m.

West Ham supporters, who are worried the club will be forced to sell at least one of their big-name players this month, are keen for something to happen soon and a popularity poll on one fans' website put Fernandes at the top, just ahead of Sullivan and Gold.

Fernandes is due back in London ahead of West Ham's next match, at home against Wolves on Sunday, and while Icelandic bank Straumur, effectively the owner of West Ham, has repeatedly said it is in no hurry to sell, it looks likely there will be major developments in the next 10 days.

The Sullivan/Gold bid had the advantage of being the first submitted to Rothschild Bank, which has been engaged to deal with potential investors, and it has received a 50-page shareholders agreement document as part of the due diligence process.

With Fernandes now seemingly also seriously interested, the future ownership of West Ham now seems less cut and dried, while a third potential consortium, the city-based Intermarket Group, are also due to lodge a formal bid today.

Hammers boss Gianfranco Zola insisted after yesterday's third-round FA Cup defeat that he will not be forced to sell any players this month regardless of what happens with a possible takeover.

"Everybody knows the financial situation - I think we have stability and do not have big problems," said the Italian. "I don't expect anybody to leave. I hope the team remains the same because when everyone's back, it is going to be a different story."

www.thisislondon.co.uk/standard-sport/football/article-23790871-millionaire-tony-fernandes-shows-hes-tweet-on-hammers-takeover.do

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BBC - February 2010

Lotus F1 boss Tony Fernandes coy on Canaries link-up

The boss of the new Lotus F1 team has admitted he would not rule out getting financially involved with Norwich City.

The CEO of Air Aisa, and Lotus Racing team principle, spoke to BBC Radio Norfolk at the launch of the new Lotus.

"Why not, never say no, I've never been to Carrow Road, maybe Delia will invite me one day," he said

"If people want me to get involved and it makes sense then why not, at the very minimum Lotus and Norwich should be closely aligned," he added.

The construction of the new Lotus has been masterminded by life-long Norwich fan Mike Gascoyne, the team's chief technical officer, from their UK headquarters in Hingham, Norfolk.

And with Lotus Racing adopting the traditional Lotus livery of the 1960s, 45-year-old Malaysian Fernandes says he's keen that the links don't end there.

"We should help each other wherever we can, and I hope when we have time we can bring the car to Carrow Road, we'll be rooting for Norwich going forward.

"I watched them the other day, I think playing Hartlepool, I've received many emails, the colour's green and yellow and maybe Norfolk will become my home for the rest of my life, who knows," he said.

Norwich have been on the hunt for significant new investment for some time, with majority shareholder Delia Smith admitting she would stand aside if the right buyer could be found.

news.bbc.co.uk/sport2/hi/football/teams/n/norwich/8513654.stm

[Macmoish]

Zola!

Charles Sale/Mail

Fernandes wanted to bring Zola back to Upton Park if West Ham bid had succeeded

11th July 2011

Grand Prix team owner Tony Fernandes was going to consider bringing back Gianfranco Zola as West Ham manager if his proposed takeover had succeeded.
Airline tycoon Fernandes, who runs Team Lotus, had told West Ham not to appoint a manager while he was in negotiations to buy a controlling 51 per cent stake.

Instead Fernandes’s offer was dismissed as derisory and Sam Allardyce chosen as boss — decisions that alienated the Malaysian, a lifelong Hammers fan. He called the Hammers high command of David Gold, David Sullivan and Karren Brady ‘not nice people to deal with to put it mildly’ and Allardyce ‘a tragic selection’.
Wanted: Gianfranco Zola was earmarked for a return to West Ham by Tony Fernandes
Fernandes said: ‘West Ham is all about a style of football which you won’t get with Allardyce. And I just can’t understand why Avram Grant was ever in charge. Zola is far more suited to managing the club.
‘There are not many teams with West Ham’s support and traditions. But the way I was treated by Brady in particular has put me off football. I’m concentrating on my F1 team now. I can build something here’.

Unfortunately for Fernandes, both his cars were out of the race after 10 laps at the British Grand Prix

www.dailymail.co.uk/sport/football/article-2013277/Gianfranco-Zola-wanted-Tony-Fernandes-West-Ham-Charles-Sale.html#ixzz1TTNhbYiq

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And some Waterbuffalo and other perspectives from our other thread - qprreport.proboards.com/index.cgi?board=general&action=display&thread=24747

[Macmoish]

DATE:18/05/09
SOURCE:Airline Business
Interview: AirAsia CEO Tony Fernandes
By Siva Govindasamy
www.flightglobal.com/articles/2009/05/18/326659/interview-airasia-ceo-tony-fernandes.html

We are stuck inside a busy restaurant called "Taste of Asia"at Kuala Lumpur's low-cost terminal for 20 minutes. A crowd has gathered because a rock star is in the house; his name is Tony Fernandes.

All it takes is for one person to tentatively walk up to the AirAsia chief executive and ask for a photograph. Fernandes adjusts his trademark red cap, shakes the passenger's hand, puts his arm around him and smiles widely with a thumbs-up as the camera clicks. He then turns to the passenger and says: "Thank you for flying with us."

Within seconds, dozens of AirAsia passengers -on their way to destinations as disparate as Bandung in Indonesia and Brisbane in Australia -leave their food and surround him. They are waiting to have a snapshot taken with the man who made their trip affordable, and possible. The 45-year-old Malaysian happily obliges everyone.

Tony Fernandes AirAsia (200) © Law Kian Yan
© Law Kian Yan

Welcome to the world of Anthony Francis Fernandes. In 2001, the man who spent much of his youth studying in England and playing schoolboy rugby, got out of a great career in the music business to plunge into a dream of running an airline. He mortgaged his house and, together with some friends and investors, bought AirAsia. Back then it was then a moribund Malaysian operation that cost 1 ringgit ($0.28) and brought with it 40 million ringgit in debt and two Boeing 737-300 aircraft.

He proclaimed that he would start Asia's first proper low-cost operation, and met polite smiles and condescending nods. He was seen as a maverick, who would crash and burn trying to take on the Malaysian and Southeast Asian airline and airport establishment. He has proven everyone wrong.

AirAsia is now the region's largest low-cost operator, with a network of 122 routes covering more than 65 destinations. It has carried over 65 million passengers since its inception and grown its fleet to 80 aircraft. It has gone public, ordered 175 Airbus A320s, started associates in Indonesia and Thailand, and finally secured access to Singapore after overcoming various obstacles. Fernandes and AirAsia have also helped to start AirAsia X, a long-haul, low-cost airline that has 25 Airbus A330s on order and will imminently sign a deal for around 25 Airbus A350s.

"For the first time, in 2009, we really see AirAsia's true potential," he says with a satisfied grin. "I've had a lot more white hair in the process, but it has been worth it." Many still think he is a maverick, but they add the "visionary"tag to that. AirAsia has grown beyond anyone's imagination - except, perhaps, his own - and has arguably done more than any other to unite the 10 members of the Association of Southeast Asian Nations.

He adds: "AirAsia has gone from a sparkle in my eye, to thinking that this could work, and then believing that we have arrived. It affects many lives and economies in a positive sense. We are no longer just a Malaysian ­carrier; we are an Asean airline."

The evidence is in Kuala Lumpur's low-cost terminal (LCCT), a 20-minute drive from the main Kuala Lumpur International Airport. It does not have flashy restaurants or fountains, but it packs in the crowds.

Imagine Kuala Lumpur's old Pudu Raya bus station -which in its heyday had hundreds of passengers arriving every hour from all corners of Malaysia, and Singapore and Thailand -and you get the idea. Simply substitute the buses with aircraft and include accents from every Southeast Asian country, with the Chinese, Indian, English and Australian twang thrown in.

"We're the only brand to promote Asean. It is not just about price, we brought points together like never before. Bandung-Singapore, Kuala Lumpur-Banda Aceh; it was not this easy to travel around the region until we started doing it," he says. It involved building the business up, and then doing "a helluva lot of lobbying and presentations" to convince governments it was better to open their doors, instead of protecting their legacy carriers.

"Commerce, rather than governments, drives Asean. Countries will always want more want tourists and traffic. Asean governments realised they had to open up or always play second fiddle to China and India," says Fernandes. "When you're AirAsia, carrying 24 million people, airport chiefs and tourism ministers realise it doesn't help them to protect national airlines after we talk to them."

Singapore, Southeast Asia's main air hub, is a prime example. It did not allow him to start an associate in the country, but he continued to lobby the government and proved the airline's value through its Malaysian, Thai and Indonesian operations. He still does not have a Singapore-based carrier, but finally has access to the country. AirAsia flies to five cities in both Malaysia and Indonesia, two in Thailand, and there are more to come.

Much of the success stems from AirAsia's work culture, which stresses innovation, openness and a never-say-die attitude. Its offices have few physical barriers between desks, there are no titles on name cards and everyone is encouraged to use first names. Cabin crew are pushed to develop their own personality, instead of conforming to preconceived notions about their role, resulting in a relaxed onboard environment. The CEO sets the tone. Anyone can walk up to "Tony", exchange a high-five, and offer a suggestion or just grumble about football. Talk to almost any of the 6,000-strong AirAsia staff, and a strong sense of ownership is evident.

AirAsia CEO Tony Fernandes (200) (c) Law Kian Yan

© Law Kian Yan
"We're still a small operation, despite growing so fast, and that means everyone is valuable. At the end of the day, I would rather have 6,000 brains working for me instead of just 10. We are always innovating and we never stand still, and that has helped us," says Fernandes. "If there is a good idea, it can be implemented very fast as there is little bureaucracy. If there is a bad idea, we can kill it really fast too. That is how we do things that others may not try."The informal culture also helpskeep costs down, ever-important to a low-cost carrier. There are few personal assistants, the executives do not have drivers and Fernandes does not have a posse when he travels.

AirAsia has made tough calls recently, paying $115 million to exit fuel hedges last year and unwinding interest rate swaps, related to aircraft term loans. The short-term pain will save money in the longer-run and "we won't have a noose around our necks going forward over this year", says Fernandes. "We had to think on our feet. People initially criticised us, but we turned out to be right. The company's culture allows us to move fast when it comes to making decisions like those." As a result, Air-Asia had a unit cost of 3.08 cents per ASK in 2008, 10% lower than the previous year. "That is the toughest part of the business and our margins are among the best in the world."

Retainingfocus on the key business helps, and that remains serving markets within four hour's flying time of its three hubs. "I'm still scratching the surface in Southeast Asia," he says. "I'm still small in Thailand and Indonesia, relative to their population sizes, and we're eyeing joint-ventures in the Philippines and Vietnam. We've faced obstacles in Vietnam, but we are patient. It took us seven years to get Kuala Lumpur-Singapore, and a lot can change in Vietnam in the next five years."

India and China are next in his sights, but that is in tandem with AirAsia X, which will serve the markets four to eight hours out of Kuala Lumpur. These include destinations in Japan, South Korea, Australia, the United Arab Emirates, Bahrain, India and China.

Fernandes is not involved in AirAsia X's day-to-day operations, even though he gives a lot of input into its strategic direction. Walking up one of the airline's new A330s, which is about to take off for Melbourne, and meeting the passengers, he becomes animated. It is clear that this operation is close to his heart. After all, the long-haul operation was his original plan until former Ryanair executive Conor McCarthy, who became an AirAsia investor, persuaded him that the short-haul market had better prospects.

He admits it was the right move: "AirAsia X is a wonderful addition; it brings the brand to another level. Look, it is sexier flying to London and Melbourne than Bandung," says Fernandes. "But without AirAsia's short-haul market and the connectivity to Southeast Asia it offers, there would be no AirAsia X. That is why it will be hard for anyone else to emulate it. Look at Oasis Hong Kong - what else did they offer apart from flights to London? Is it any surprise that they had to shut down?"

Keeping AirAsia X as a separate company was a "clever step" that protects AirAsia, which has only a 16% stake in it, he adds. Aero Ventures, which Fernandes started with other prominent Malaysians and Air Canada's Robert Milton, owns 48% of the long-haul operation. The other investors are Richard Branson's Virgin Group (16%), Bahrain's Manara (10%) and Japan's Orix (10%). "We work on lots of things together, but we have not put down any money since we started it up. It is an independent business that derives its own cash and is profitable."

AirAsia itself, which listed on Bursa Malaysia in 2004, posted a net loss last year - but Fernandes says the first quarter of 2009 was profitable. Its shares have had a rough time on the Kuala Lumpur stock exchange and last year, when the price fell to around 0.80 ringgit, Fernandes and the other founders considered taking the airline private. They abandoned that plan after credit became tight. "We saw value in the price at the end of last year, and we still do, but we could not raise the money," he explains. Even if the average Malaysian shareholder may not see value, others could. Branson is mentioned as a possible investor, but when questioned about it Fernandes says with a laugh: "Ask Branson about that one!" Equity partnerships with other airlines, however, are a possibility if they bring tangible benefits.

"The world is a very small place. Will there be combinations between airlines? Sure. Will we consider something? Yes, if it makes sense. Air France-KLM is a good example of how something like that can work, but the combination must add value to shareholders. The reality is that many mergers are driven by ego or airline necessity but, truthfully, most have not done a good job of it."

Fernandes concedes he may have to step down if there is a change in ownership, but he insists it may not be too hard. "If someone else feels that they can do a better job, sure. One of the great things is to know your sell-by date. Many people in Asia cannot let go. You are not a good leader unless you have a succession plan." However, he adds with a grin: "I'm not looking to leave any time soon. There's still a lot to do."

Fernandes gets a kick out of overcoming challenges, and there are still plenty of them. The biggest, he says, are airport operators, in particular Malaysian Airports, which runs KLIA and the low-cost terminal. MAB has successfully lobbied the government, preventing AirAsia from building its own low-cost airport near Kuala Lumpur. Instead, it promised it would expand the LCCT by 2011. A visibly exasperated Fernandes points out that they made similar promises in the past and nothing happened. The existing low-cost terminal is already bursting at its seams.

"Airports are parasites and, in Asia, their pricing is not transparent. Low-cost carriers should not be levied the same fees as the full-service airlines. We bring in a lot more volume, and there is plenty of ancillary income - just look at how crowded the shops and restaurants in our terminal are," he says. "I am an aggressive entrepreneur, but Asian airports are slow to respond. If anything stops our growth, it is the airports. If we have to defer aircraft orders, it is because of them. They curb our potential"

If the airports meet his ambitions, he says the possibilities are mind-boggling. "Southwest Airlines has 400 aircraft and a market of 300 million. On top of that, in America, you can drive from one end to another and they have pretty good train services. We don't have that over here," Fernandes points out. "Air-Asia is in a playground of 600 million people in Asean. If you add India and China, the other key markets we can touch, you can easily add a billion people, maybe more. That is Air-Asia's potential, and we aim to get there."

PLAYING THE GAME

As a young boy, Tony Fernandes dreamt of representing Malaysia in the Olympics. He played rugby, hockey and cricket while studying in England, and now loves squash and football. It is hardly surprising AirAsia is involved in sports sponsorship. It partners the Williams Formula Oneteam and sponsors the shirts of English professional football referees. It also worked with Manchester United and considered shirt sponsorship.

West Ham United fan Fernandes, says: "As a low-cost carrier, we constantly battle the image that we are low-quality. Our involvement in F1 and professional football helps. F1 races take place in the cities that AirAsia X plans to fly to, and English football is popular in Asia and shown all over the world. We won't be able to carry 24 million passengers without marketing." AirAsia gets good value through these deals, says Fernandes, but he is coy on the cost: "Let's just say that those in F1 and football are very good at making money!"

CUSTOMER DIVERSITY

AirAsia's main customers are still those who could not previously afford to fly, but its passenger profile is changing as it adds destinations and increases brand awareness.

"The economically disadvantaged are there, and the main market is still the mass market -that will never change -but we are reaching markets that we never dreamt of," says Fernandes. "Goldman Sachs executives in Singapore, for example, are very happy that we opened up Singapore-Bandung as it allows them to them to meet clients in the Indonesian city. Our corporate business has gone up 400% because companies want to save money and, once they fly us, they don't want to change."

Fernandes' airline is transforming the perception of low-cost travel, giving rise to a diverse cross-section of passengers. The AirAsia chief executive says: "We show that low-cost does not mean low class. In the Jakarta-Kuala Lumpur flight, you'll find women with diamonds sitting beside maids. You could not see that before. That shows we're reaching everyone."

What does he think AirAsia means to its customers? "Nobody has really asked me that before," he says, pausing for the first time in the hour-long interview. "I think they are really proud to travel in an airline that came out of nowhere and provides a service that they did not have before. AirAsia made air travel possible for millions; it's their airline. Every day that I walk around the terminal, people come up and says thank you. If you run an airline, there is probably little more that will make you more happy."

Compare Fernandes' thoughts today with his views when we interviewed him in 2004

www.flightglobal.com/articles/2009/05/18/326659/interview-airasia-ceo-tony-fernandes.html

[Macmoish]

2004 Interview

Fernandes: Man of the moment

By Nicholas Ionides in Kuala Lumpur

www.flightglobal.com/articles/2004/04/01/179458/fernandes-man-of-the-moment.html

AirAsia chief executive Tony Fernandes is fashioning one of the fastest growing and recognisable low-fare brands in South-East Asia

Tony Fernandes is clearly having fun. Driving his Ford Escape sport utility vehicle airside at Kuala Lumpur International Airport, music blasting and mobile phone ringing non-stop, the 39-year-old group chief executive and key shareholder of AirAsia has no regrets about leaving the music business for the airline industry.

"I love it," he says in between text messages, travelling to a far end of the airport to show off AirAsia's new maintenance hangar. "You've got to get up in the morning saying it's fun going to work, and that's what it's like."

For now at least, Fernandes is the man of the moment in Asia, making headlines just about everywhere he goes. A highly personable guy who boasts with an almost juvenile snicker that he "loves a good party", Fernandes has taken on the establishment and proven wrong those who said low-fare airlines could not succeed in the region.

Although not the first to have tried, AirAsia is the most successful low-cost/no-frills operator in Asia - excluding Australia where Virgin Blue is going strong. Some of the major incumbent carriers in South-East Asia, notably Singapore Airlines (SIA) and Thai Airways International, are setting up no-frills operations as a result of the phenomenon that Fernandes calls a "fad" similar to the dotcom frenzy of the 1990s. "They probably see it as a guy in a t-shirt from the music business, so it can't be that difficult," he says.

Criticism of competitors aside, the no-frills phenomenon has made Fernandes a rich man, at least on paper, and it promises to make him far more wealthy after the airline goes public through a planned initial public offering (IPO) later this year. But he insists he did not get into the airline business for the money, noting that many fortunes have been lost by those who failed.

"Rich is just a byproduct," he says, turning serious. "It's a nice byproduct - let's not lie about it - but money hasn't driven me to do this. I got into this because I need a challenge in my life. I thought this was an enormous challenge and no one gave us a hope in hell.

"I love to prove the impossible. I don't want to have to do it every time because I've got a lot of grey hair out of it. But you're remembered for something like that and I would love to make all the staff relatively wealthy and leave something that in the years to come is a respected company."

AirAsia was not always a respected airline, however. Although a new name to many, it began operating late in 1996 as Malaysia's second national carrier with grand plans for expansion. The plans were never realised as the carrier went nowhere after the death in March 1997 of Yahaya Ahmad, head of then-parent company DRB-Hicom, in a helicopter crash. This was followed by the two-year Asian economic downturn that started in mid- 1997, and from which the old AirAsia never recovered. Just as DRB-Hicom was hoping a buyer would come along, Fernandes, at the time Warner Music's vice-president for South-East Asia, decided it was time for a change in his life.

EasyJet inspiration
"I was flying back from New York and decided to stop in London for a bit of a party," he recalls. "And I saw Stelios [easyJet founder Stelios Haji-Ioannou] on TV and thought this low-fare thing sounds interesting. I thought it was a great concept."

Fernandes took a train to easyJet's base at Luton airport and spent the day talking to passengers and staff. The next day he returned with a video camera, after which he called his wife and said he wanted to start an airline. "After she stopped laughing I said I was serious."

Fernandes started drawing up a business plan but it proved a challenge, he admits: "I knew nothing, absolutely nothing, about airlines." He trawled the internet for information and met a friend who was a leasing lawyer at White & Case. Fernandes was then introduced to an executive at GE Capital Aviation Services who briefed him on how the airline industry works. This contact helped put Fernandes in touch with Conor McCarthy, former director of group operations at Ryanair.

The two met at London Stansted airport early in 2001 and Fernandes showed McCarthy his business plan: for a long-haul, low-cost, no-frills carrier that would "hook up with all the low-cost carriers" in Europe. "We hit it off right away," says Fernandes, "and then he tore my business plan apart."

A new plan was drawn up for an airline with operations in Malaysia, modelled after low-fare carriers in other parts of the world. McCarthy signed on as an investor, as did a handful of others, and in May 2001 a meeting was arranged with Malaysia's then-prime minister, Mahathir Mohamad, aimed at securing his approval. Mahathir gave his blessing but said no new airline licence would be issued, meaning an existing operator would have to be purchased.

The group left dejected, as the plan was to start anew. But they regrouped to consider their options. One was to buy regional operator Pelangi, but it was a basket case and has since shut. The other option was loss-making AirAsia, which had a fleet of just two Boeing 737-300s and a tiny route network.

Takeover talks began soon after and a deal was quickly reached. The investor group, through their company Tune Air, would purchase AirAsia for 1 ringgit (26¢) and the assumption of 50% of net liabilities, or around 40 million ringgit. The deal was inked in September 2001 and completed in December. In January 2002, AirAsia was relaunched as a low-fares operator, with additional aircraft and new domestic routes. Profitable just about from day one, the debt was paid off within a few months and the carrier's operating margin is now said to be approaching 30%. For the year to June, a 30 million ringgit net profit was recorded on revenue of 310 million ringgit.

"Everyone thought we were crazy but I knew it would work," says Fernandes, who mortgaged his home to help capitalise the airline, in which he has a stake of around 35%. "One of the key facts was that only 6% of Malaysians flew. I thought this could only grow."

The market indeed has grown substantially since AirAsia's relaunch. The airline has carried more than 3.6 million passengers since January 2002 and expects to carry more than 3 million this year alone. It now has a domestic market share of around 30% - from market growth, as Malaysia Airlines (MAS) has not seen any drop in domestic passenger numbers.

National empathy
"The market has grown from 9 million passengers to 12 or 13 million," says Fernandes. "We've gone up against the biggest, and we're definitely the David of the David and Goliath. There's a national empathy." Proof comes as Fernandes stands at the boarding bridge of one of AirAsia's 737s at Kuala Lumpur airport. As passengers board, several congratulate him on the carrier's success and thank him for bringing down fares to enable them to fly. Some ask to have their picture taken with him.

"There's a lot of laughs," he says, admitting that the celebrity factor is a fun byproduct. "We also get nice letters from people saying they never thought they would fly before they died and were able to take their son for a holiday. It's a nice feeling."

But behind the laughter, trademark jeans, t-shirt and bright red baseball cap, Fernandes is a serious businessman who is building a valuable corporate empire.

Last year a $26 million capital injection was secured from foreign investors in return for a 26% stake, valuing the carrier at $100 million. Around September more cash is expected to be raised through an IPO that Fernandes hopes will fill the airline's coffers with another $200 million. He claims bankers are valuing the airline at between $750 million and $1.2 billion, and whether these are realistic sums or not there is no doubt AirAsia is a very valuable brand. Not bad for a relatively unknown airline that was acquired for less than the price of a cup of coffee just over two years ago.

AirAsia is now expanding into other markets, having recently launched international services from Malaysia and having set up a 49%-owned associate carrier of the same name in Thailand with Shin Corp, a company founded by Thailand's prime minister, Thaksin Shinawatra.

AirAsia is also looking at establishing a similar operation in Singapore with local partners and has submitted an air operator's certificate application. Fernandes sees the extension of the brand to other markets as similar to what Ryanair has done by setting up new bases around the European single aviation market. In Asia there is no equivalent common market, but AirAsia has found a way to expand its reach in the regulated environment by franchising, of sorts.

AirAsia's model is identical to that of traditional no-frills carriers in other parts of the world. It operates just one aircraft type, has turnarounds of 25min or less to keep utilisation high, sells most of its tickets over the internet at different prices depending on the time of travel and how early one books, and does everything possible to keep costs low. Fernandes says AirAsia has the lowest operating costs of any airline, anywhere on the planet, of around 2.5¢ per available seat kilometre (4¢ per mile). He believes this can be reduced further after the IPO as funds raised will enable it to purchase more aircraft rather than rely so much on leasing.

Starting with just two aircraft, by February this year the fleet had grown to 14 737s - including two with the Thai operation - and by the end of 2004 the group fleet should be nearing 30 aircraft. Fernandes does not like to predict how large the company may become in the coming years: "If you told me two years ago that I'd have 30 planes I wouldn't have believed it".

"But I suppose there's no reason why each operation couldn't have 30 aircraft themselves," he says, referring to the operations in Malaysia and Thailand. The proposed Singapore operation would be smaller.

The Thai operation started early in February with domestic services, quickly going international with flights between Bangkok and Singapore. The Malaysian operation, meanwhile, has built up an extensive domestic network, with hubs at Kuala Lumpur International Airport and Senai Airport near Johor Bahru, just across the border from Singapore. It also now serves Thailand and has its sights on other international destinations, such as points in Indonesia.

Reining in
Apart from a possible Singapore-based operation, AirAsia is not looking aggressively at setting up shop elsewhere for now, says Fernandes, as "we have enough on our plate at the moment". Growth plans were in fact slowed last year because the airline felt it was not able to keep up with pilot training requirements.

"As much as we have grown aggressively we are a very conservative company," he says. "We are not going to grow stupidly. I've seen some airlines grow too quickly and they fall over themselves. We must make sure that we grow sensibly."

And what of the "fad" that he is credited with starting in the region? Fernandes finds it flattering that some of the majors are now setting up low-fare units, but questions their motives. "You either want to do it or you don't. That's where we have an advantage over Thai or SIA - they can put in all the theory and think capital is going to buy them success. But it's not just about capital," he says.

"We started the business for the right reason - to grow the market. We didn't go out there to kill anyone. We thought there was a business opportunity. SIA is not starting it for the right reason, otherwise why didn't they start it a long time ago? It's not like Tony Fernandes introduced the model. The model has been here for a long, long time. They're starting it as a defensive move. Businesses that start as a defensive move are always on a minus platform. You don't start with the right motivation and the right environment."

Fernandes says he tries to create an environment of serious fun at AirAsia, where everyone is valued. In cluttered and crowded head offices at Kuala Lumpur airport, accountants, web designers, marketing staff, promotions and public relations employees, operations personnel, flight attendants, schedulers, pilots and mechanics all work under the same roof.

Close relationships
"I'm very close to our staff. It's not staged, it's what we are. I find airlines are so compartmentalised. You have engineers who think they're one thing, pilots who think they're demigods, and nobody talks to each other," says Fernandes. "Airlines are full of prima donnas. There are massive egos in this business. We don't have that. We know that you are only as good as tomorrow."

One way he keeps egos in check is by making pilots cook breakfast for engineers each quarter to thank them for looking after their aircraft. He says he also tries to provide opportunities to move within the company, pointing to a cadet pilot training programme which started late last year with 19 internal recruits. Currently undergoing training to be pilots are former check-in assistants, a former accountant and a former baggage handler, for example.

"That kind of thing really motivates people, especially in an Asian company," says Fernandes. "The Asian way is management decides everything and the rest do as they say. We take a different approach here because it is a lot better having a thousand brains working for you than just 10.

"Anyone can start a low-cost carrier. The model is out there and it is not a secret - it's not Colonel Saunders' secret recipe. But it's harder to do in reality because you have got to get a lot of people to buy into your culture. It's almost like a religion. You've got to keep that motivation pumped up all the time."

Fernandes says one way he is able to keep his own motivation level high is by making things light-hearted wherever possible. A case in point is the new 'A' check maintenance hangar that he was so keen to show off. As he steps out of his car he boasts that the tiny structure cost 2.5 million ringgit, making it the cheapest hangar ever built. But the real reason he wants to show it off is to provoke a laugh from the billboard on its side.

Directly facing a much larger hangar belonging to MAS, the billboard brags that AirAsia employs the best people and is clearly meant as a slap in the face to the national carrier's staff. Why do such a thing? Fernandes replies as if it should be obvious: "Going against the establishment has been fun."

Taking to the airwaves

Many kids say they want to become airline pilots but Tony Fernandes had a different goal. "When I was young I said I was going to own an airline." Today, at age 39, he owns around 35% of AirAsia, having left a life of corporate perks and rubbing shoulders with celebrities in the music business to run a low-fares airline.

Fernandes was born in Malaysia but moved to the UK to attend boarding school in 1977 and stayed in the country for 13 years. An avid sports fan who enjoys football and squash, he wanted to become a professional cricket player but did not make the cut. Instead he studied accounting and his first job was as an auditor in the UK.

"I couldn't stand it," he says, and left the job after six months. He then focused on the music business, having long enjoyed playing keyboard and drums. Fernandes sent his CV to record companies and Virgin employed him in the finance section of its television department.

After two years at Virgin he left to join Warner Music and at age 26 was moved from the UK to his home country as general manager of the Malaysian operation. Six months later he became managing director.

By 2001 Fernandes felt it was time to move on and left Warner. He mortgaged his home and with a handful of other investors acquired then struggling AirAsia. "I don't regret it for a minute," he says.

www.flightglobal.com/articles/2004/04/01/179458/fernandes-man-of-the-moment.html

[Macmoish]

Bump 4 Years ago after first word of Tony Fernandes wanting QPR

[Macmoish]

BBC 4 Years ago toda


29 July 2011 Last updated at 07:23 GMT

QPR discuss fresh takeover plans

Queens Park Rangers are in talks with potential new owners, the Premier League club have confirmed.

The west London club held discussions with one interested party earlier this year but they ended in March.

The club have now released a statement revealing they have started "preliminary discussions with a different party".

Bernie Ecclestone suggested in March he might be interested in selling his 69% stake in the club for £100m.

A third of QPR's stock is owned by the family of metals billionaire Lakshmi Mittal.

Vice-chairman Amit Bhatia, Mittal's son-in-law, resigned from the board in May after a disagreement over ticket-price increases and changes to club management.

Force India Formula 1 team owner Vijay Mallya - who is also chairman of United Breweries Group, which produces the Kingfisher beer brand, has previously been linked with the Loftus Road club.

QPR, managed by Neil Warnock, were promoted back to the Premier League at the end of last season after winning the Championship.

Read the full statement on the QPR website.

www.bbc.com/sport/0/football/14338011


BLOOMBERG


AirAsia CEO Fernandes May Buy Queens Park Rangers, Mail Says

by Chanyaporn Chanjaroen


July 29, 2011 — 10:27 PM EDT


July 30 (Bloomberg) -- AirAsia Bhd. Chief Executive Officer Tony Fernandes may buy Queens Park Rangers soccer club for 100 million pounds ($164 million), the U.K.’s Daily Mail reported without saying where it obtained the information.

Queens Park Rangers, promoted to English soccer’s Premier League at the end of last season, said in a July 28 statement it has entered talks with a second potential buyer.

Fernandes didn’t immediately respond to an e-mail and two phone calls from Bloomberg to his office in Malaysia’s capital, Kuala Lumpur. The U.K. newspaper said Fernandes has been shown around Loftus Road, where the club is located, and talked to manager Neil Warnock.
www.bloomberg.com/news/articles/2011-07-30/airasia-ceo-fernandes-may-buy-queens-park-rangers-mail-says

[Macmoish]

Bump/Flashback 5 Years

[Macmoish]

Couple weeks shy of 6 years, since the news first became public.

And then a couple of weeks of waiting before finalized

Aug 18,2011

BBC Lotus boss Tony Fernandes completes QPR takeover

From the section Football

Tony Fernandes vows to invest in QPR squad

Malaysian businessman Tony Fernandes has completed his takeover of Premier League newcomers QPR.

The 47-year-old has secured a 66% stake in the club, buying out previous majority shareholders Flavio Briatore and Bernie Ecclestone.

Fernandes will work alongside the Mittal Family, who have retained their 33% stake.

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

He will take the role of chairman of QPR Holdings Ltd and will be joined on the board by joint Tune Group owner Mr Kamarudin Bin Meranun, one of Malaysia's most successful business tycoons.

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
Tony Fernandes

"Everyone knows I've followed West Ham all my life but I've always had a soft spot for QPR," said Fernandes, who is also team principal of Formula 1's Team Lotus. "Rangers were one of the first teams I watched as a child at Loftus Road."

Amit Bhatia, who will resume his position as vice-chairman, told the club's official website: "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.

"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 and would like to thank all those who supported me and my family and look forward to serving the club to the best of my abilities again.

"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."

Fernandes added: "The opportunity to get involved with the club was mentioned to me by the previous owners and here I am.
TONY FERNANDES

Birthplace: Kuala Lumpur, Malaysia
Age: 47
Education: Accounting and finance at London School of Economics
Former roles: Senior financial analyst at Virgin Communications, managing director at Warner Music, Malaysia, vice-president Warner Music South-East Asia
Current business interests: Co-founder Tune Group, chief executive of low-cost airline AirAsia and team principal of Team Lotus Formula 1 outfit
Awards: Forbes Asia Businessman of the Year 2010
Value: Named 20th richest Malaysian by Forbes with a reported net worth of £248m

"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."

QPR won promotion back to the Premier League by winning the Championship under manager Neil Warnock last season.

They kicked off their campaign back in the top flight with a 4-0 home defeat by Bolton last weekend but Fernandes has already given his backing to the former Sheffield United and Crystal Palace boss.

"It's a momentous day," said Warnock. "Everybody connected with QPR should be excited."

Fernandes 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.

"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 speaks for themselves."

www.bbc.com/sport/football/14566122

[Macmoish]

Couple weeks shy of 6 years, since the news first became public.

And then a couple of weeks of waiting before finalized

Aug 18,2011

BBC Lotus boss Tony Fernandes completes QPR takeover

From the section Football

Tony Fernandes vows to invest in QPR squad

Malaysian businessman Tony Fernandes has completed his takeover of Premier League newcomers QPR.

The 47-year-old has secured a 66% stake in the club, buying out previous majority shareholders Flavio Briatore and Bernie Ecclestone.

Fernandes will work alongside the Mittal Family, who have retained their 33% stake.

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

He will take the role of chairman of QPR Holdings Ltd and will be joined on the board by joint Tune Group owner Mr Kamarudin Bin Meranun, one of Malaysia's most successful business tycoons.

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
Tony Fernandes

"Everyone knows I've followed West Ham all my life but I've always had a soft spot for QPR," said Fernandes, who is also team principal of Formula 1's Team Lotus. "Rangers were one of the first teams I watched as a child at Loftus Road."

Amit Bhatia, who will resume his position as vice-chairman, told the club's official website: "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.

"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 and would like to thank all those who supported me and my family and look forward to serving the club to the best of my abilities again.

"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."

Fernandes added: "The opportunity to get involved with the club was mentioned to me by the previous owners and here I am.
TONY FERNANDES

Birthplace: Kuala Lumpur, Malaysia
Age: 47
Education: Accounting and finance at London School of Economics
Former roles: Senior financial analyst at Virgin Communications, managing director at Warner Music, Malaysia, vice-president Warner Music South-East Asia
Current business interests: Co-founder Tune Group, chief executive of low-cost airline AirAsia and team principal of Team Lotus Formula 1 outfit
Awards: Forbes Asia Businessman of the Year 2010
Value: Named 20th richest Malaysian by Forbes with a reported net worth of £248m

"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."

QPR won promotion back to the Premier League by winning the Championship under manager Neil Warnock last season.

They kicked off their campaign back in the top flight with a 4-0 home defeat by Bolton last weekend but Fernandes has already given his backing to the former Sheffield United and Crystal Palace boss.

"It's a momentous day," said Warnock. "Everybody connected with QPR should be excited."

Fernandes 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.

"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 speaks for themselves."

www.bbc.com/sport/football/14566122

[Macmoish]

Add

[Macmoish]

Flashback 7 Years.
And fans not really knowing anything re Tony Fernandes.
But had experienced Flavio and Bernie (and Gianni)


And 3 weeks later - Aug 18, 2011 - The official QPR Announcement of takeover complete

qprreport.blogspot.com/2011/08/qpr-deal-done-and-dusted-tony-fernandes.html

[Macmoish]

Flashback 10 Years: The first news



MAIL
Lotus chief and West Ham fan Fernandes poised to buy QPR for £100m
By Sami Mokbel for the Daily Mail and Alex Kay for the Daily Mail UPDATED: 17:34 EST, 28 July 2011


Air Asia tycoon Tony Fernandes is plotting a £100million move to buy Queens Park Rangers.
Sportsmail understands the multi-millionaire businessman, who is team principal for Formula One outfit Team Lotus, is growing increasingly confident of striking a deal to take control of the Barclays Premier League club.

Fernandes, 47, has already been shown around Loftus Road and talked to manager Neil Warnock about transfer funds as Rangers plan for their return to the top flight.

Co-owner Bernie Ecclestone has said £100m would be enough to take over the west London club. Ecclestone holds a 62 per cent shareholding and although business partner Flavio Briatore has an option to buy the shares if the 80-year-old decides to sell, it is believed the pair have given Fernandes the go-ahead for the move.

The club's other shareholder Lakshmi Mittal has failed to secure Ecclestone's shares after refusing to meet the asking price.

A QPR statement confirmed 'preliminary discussions' had taken place over the sale. West Ham fan Fernandes lost out to David Gold and David Sullivan in his bid to buy the Hammers in January 2010 but claimed earlier this year that he was still looking to invest in the club.
www.dailymail.co.uk/sport/football/article-2020010/Lotus-chief-Fernandes-buy-QPR-100m.html#ixzz3hAtcmFOM


QPR STATEMENT

Thursday, July 28, 2011
Statement from QPR Holdings

_____________________________________________________________________________________



QPR Official Site

CLUB STATEMENT
Posted on: Thu 28 Jul 2011

On 4th March 2011 the Company (QPR Holdings Limited) announced that it was in preliminary discussions with a potential purchaser.

At the time the Takeover Panel confirmed that should those discussions result in an offer being made for the Company,
the offer would be subject to the City Code on Takeovers and Mergers (the Code), even if such an offer was made after 2nd April 2011,
being the date on which the Company ceased to be to the Code, due to it being de-listed 10 years previously.

The Company confirms that these discussions came to an end in March 2011.

Since the end of these discussions, the Company has entered into preliminary discussions with a different party and
can confirm that these discussions and any subsequent transaction would not be subject to the Code.

Accordingly the Company confirms that is it no longer in an offer period for the purposes of the Code.

We will be making no further comment at stage. QPR



EVENING STANDARD

Tony Fernandes agrees to buy 51% share in QPR
In the driving seat: Tony Fernandes

Simon Johnson

Published: 29 July 2011

Air Asia owner Tony Fernandes will become a majority shareholder at QPR after agreeing to buy a 51 per cent stake in the club.

Standard Sport can confirm that Fernandes, who is the team principal of Formula One's Team Lotus, has been in talks with the club over a possible takeover.

Rangers have attracted interest from two other unnamed parties since Bernie Ecclestone, who has a 62 per cent stake in the club, admitted in March that he would be willing to sell his share for £100m.

Initial negotiations seemed to ensure Fernandes' investment would only be enough to secure a role as chairman, with co-owners Flavio Briatore and Ecclestone still calling the shots.

However, Fernandes has agreed a deal to buy the majority of Ecclestone's shares to assume overall control.

It could mean a major power shift in the club with Ecclestone and Briatore owning just 16 per cent between them as Lakshmi Mittal still has a 33 per cent stake.

Standard Sport understands Fernandes is flying out to the club's pre-season training base in Italy tomorrow to meet with Warnock and discuss plans for the new season, including some more transfer targets.

Fernandes, who has already been shown around Loftus Road, failed in a bid to buy West Ham in January 2010.

Meanwhile, Rangers are set to finally secure the £1.25m signing of striker DJ Campbell from Blackpool.

Talks had stalled over personal terms for the 29-year-old, who scored 13 goals in the top flight last season, but now a deal is close to being agreed.

www.standard.co.uk/sport/football/tony-fernandes-agrees-to-buy-51-share-in-qpr-6427286.html

qprreport.blogspot.com/2011_07_01_archive.html

[Macmoish]

Flashback 13 years. And here we still are - even if Tony has departed