In a statement today, Capital A said this was a strategic move allowing him to concentrate his time and efforts on expanding AirAsia and Capital A’s digital businesses.

The company said it aligned with his vision to drive growth and innovation in these key sectors.

Fernandes, who acquired QPR in 2011, said stepping away from the London club was a difficult decision, but it has been made with the clear determination that his time and expertise are needed elsewhere.

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

Fernandes added that he intends to shift the focus to finalising the regularisation plan to uplift Capital A from 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, while aviation services is also gathering pace,” he said.