Tony Fernandes to focus on AirAsia after selling all QPR shares, ending co-ownership of football club

KUALA LUMPUR: Capital A chief executive officer Tony Fernandes has disposed of his entire shareholding in QPR Holdings, the parent company of Queens Park Rangers Football Club (QPR) said on Monday (Jul 10).

Capital A also said that this strategic move will allow Mr Fernandes to concentrate his time and efforts on expanding AirAsia and Capital A’s digital businesses, and aligns with his vision to drive growth and innovation in these key sectors.

“This is a sad day for the club, and for me in particular because Tony and I joined the club together (in 2011),” said the Championship club’s majority shareholder Ruben Gnanalingam.

“There have been some incredible moments during that period, particularly our survival in the (English) Premier League in 2012 and our play-off success in 2014.

“We thank Tony wholeheartedly for his endeavours and there will always be a place for him at the club.”

Mr Fernandes, who acquired QPR more than a decade ago alongside Gnanalingam and Kamarudin Meranun, said stepping away from QPR was a difficult decision, but his time and expertise were needed elsewhere.

“Now that AirAsia is coming back in full throttle and growing again, I owe it to Allstars (the airline’s employees) and our shareholders to give 100 per cent of my focus in rebuilding the airline business and expanding digital companies to provide a tremendous value for ASEAN people, where there is strong demand for low-cost, high-value products and services,” he said. 

Fernandes also said that he intends to shift the focus to finalising the regularisation plan to uplift Capital A from the Practice Note 17 (PN17) status.

“I am encouraged that exiting PN17 is moving in the right direction. Strengthening the balance sheet and building strong growth models in all businesses from airlines, logistics, travel and fintech digital business and aviation services is also gathering pace,” he added.