|Tan Sri Tony Fernandes|
Fernandes gained a 66% stake in the London club Thursday 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% stake in QPR, which has just 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, 47, who combines his job as chief executive of AirAsia with being an F1 team principal, had previously tried to buy West Ham, the London club he supports.
"Everyone knows I've followed West Ham all my life, but I've always had a soft spot for QPR," Fernandes said.
"Rangers were one of the first teams I watched as a child at Loftus Road ... QPR is a raw diamond and hopefully I can contribute into turning it into a diamond."
QPR, which won the League Championship last season, opened its Premier League campaign with a 4-0 home loss to Bolton last weekend.
"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," Fernandes said.
"I don't want to make big promises I can't guarantee."
Fernandes wants to invest in youngsters to try to deliver the club's first major title since the 1967 League Cup.
"I'm keen to create a good academy, so that there's a constant supply of players," he said.
"We're in a fantastic part of London and we should be bringing kids through." - AP