Malaysian airline entrepreneur Tony Fernandes has completed his takeover of QPR, the club have announced.
Fernandes' company Tune Group has bought a 66% stake, buying out previous majority shareholders Flavio Briatore and Bernie Ecclestone.
"QPR is a raw diamond and hopefully I can contribute into turning it into a diamond," Fernandes told the club's official website, www.qpr.co.uk.
Fernandes, the founder of AirAsia, and his business partners will work alongside the Mittal Family, who have retained their 33% stake.
The 47-year-old West Ham fan, who is also the team principal of Formula One's Team Lotus, will become chairman of QPR Holdings Ltd.
"I lived in Uxbridge Road for many years and grew up around the area," Fernandes continued.
"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.
"The opportunity to get involved with the club was mentioned to me by the previous owners and here I am.
"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."