Tony Fernandes, owner of the low-cost airline AirAsia, is set to purchase a controlling stake in Premier League football side Queens Park Rangers.

The move is could offer some welcome relief to the beleaguered side, with QPR beaten 0-4 by Bolton Wanders on their return to the top division over the weekend.

The Malaysian airline entrepreneur is close to finalising a deal which will see him buy a 51 per cent stake in the newly promoted West London club from Bernie Ecclestone.

The balance of the Formula One motor racing chief’s 62 per cent holding would be acquired by UK-based Indian steel magnate Lakshmi Mittal.

Mittal already holds a 33 per cent stake in QPR. However, his relationship with Ecclestone is reported to have broken down in recent months.

The deal would complete Mr Fernandes’ long quest for ownership of a premiership club.

He has several times tried and failed to buy West Ham United, the biggest soccer club in east London.

AirAsia last week signed a share swap deal with Malaysia Airlines which will see both carriers work together in a number of areas.