Queens Park Rangers Plan New Stadium in West London’s Old Oak

Queens Park Rangers, the London soccer team part-owned by billionaire steel magnate Lakshmi Mittal and AirAsia Bhd. Chief Executive Officer Tony Fernandes, plans to develop a 40,000-seat stadium in west London.

The stadium is part of a plan to build more than 24,000 homes as well as commercial buildings in the Old Oak district about 2.5 miles northwest of Hyde Park, the club said in a statement today. London Mayor Boris Johnson and the borough of Hammersmith & Fulham have agreed to collaborate on the project, QPR said.

QPR, which plays in the second tier of the English soccer league, agreed on exclusive land arrangements with train-line operator Network Rail and other landowners, according to the statement. The venue, which would be developed with Stadium Capital Developments Ltd., would have more than twice the capacity of the team’s existing facility about a mile away at Loftus Road.

“With no option of expanding here, we have to look elsewhere,” QPR Chairman Fernandes said in the statement. “We welcome the Mayor’s and Hammersmith & Fulham Council’s commitment to regenerate the area, which includes an option to develop a new stadium.”

Planning approval for the wider development of the area is expected by 2015 with construction starting shortly afterward, according to the statement.

Before it's here, it's on the Bloomberg Terminal.