Malaysian tycoon Tony Fernandes has completed his takeover of Queens Park Rangers.
Fernandes, who made a bid to take control of West Ham United last season, is the founder of AirAsia as well as the team principal of Formula One's Team Lotus.
His company, Tune Group, has taken a a 66% stake in the club, buying out previous majority shareholders Flavio Briatore and Bernie Ecclestone.
Fernandes told the club's official website: "I lived in Uxbridge Road for many years and grew up around the area. 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.
"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 is a raw diamond and hopefully I can contribute into turning it into a diamond."
QPR finally secured promotion from the Championship last season after Neil Warnock took the reins, but the previous owners gave their manager limited transfer funds to prepare for life in the top-flight and, aside from the purchase of DJ Campbell from Blackpool, they have been reliant upon free transfers such as Jay Bothroyd, Kieron Dyer and Danny Gabbidon.
They were defeated 4-0 at Loftus Road in their Premier League opener against Bolton Wanderers at the weekend.
Fernandes is expected to release transfer funds to strengthen the squad and reports on Wednesday night suggested a bid has already been lodged for West Ham midfielder Scott Parker.
Asked about the speculation, Warnock told Sky Sports News: "I think with Tony's connections there [West Ham], he is bound to get a mention, but I don't think we should talk about players at other clubs at the moment. I think we should do it at the right way.
"He's one of a number of options, and we have different positions, different options. We try and get our number one target in all those positions, and if not we'll try to get the number two targets and so forth."