Malaysian businessman Tony Fernandes has completed a takeover deal with QPR, the 47-year-old now owning a 66% stake in the club.
Fernandes bought out Flavio Briatore and Bernie Ecclestone to acquire the shares, and will own the club with the Mittal Family, who have a 33% stake in the Barclays Premier League newcomers.
"QPR is a raw diamond and hopefully I can contribute into turning it into a diamond," Fernandes said.
Fernandes is team principal of Formula 1’s Team Lotus.
He added: "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."
Returning vice-chairman Amit Bhatia was equally excited about the takeover, and 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."
Upon Fernandes acquiring significant shares in the club, QPR manager Neil Warnock revealed today that the club are chasing West Ham midfielder Scott Parker.
"We have a few days left to bring targets that we do really need at the club to take us where we want to be," Warnock said.
"I don't think we should talk about players at other clubs at the moment. We should do it in the right way. [Parker] is just one of a number of options and we have different positions and different options.
"We'll try to get our number one targets in all those positions and if not we'll try to get the number two targets and so forth.
"We're actively looking at a number of players before the deadline closes. We are looking at quality players to bring to the club."
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