The Many Business Ventures Of AirAsia Executive Tony Fernandes

Tony Fernandes is well-known for his success at AirAsia, which he transformed from a struggling state-owned carrier to a low-cost giant spanning much of the continent. However, the entrepreneur has been busy outside of aviation as well, with major interests in football, motor racing, and hospitality sectors, excluding companies part of the ever-expanding AirAsia Group.

Off-the-field interests

With AirAsia finding much success in its first decade after its turnaround in 2001, Tony Fernandes began looking beyond the airline. In 2007, he began the Tune Hotels chain, hoping to bring the low-cost strategy to the hotel industry with properties across Malaysia and one in the UK as well.

However, he became a major public figure globally following his entry into Formula 1 and the English Premier League (EPL). In 2009, Fernandes bought the rights to race at Team Lotus for the 2010 and 2011 F1 seasons, even betting with fellow airline entrepreneur Richard Branson on who’s team would finish ahead. After two seasons with no points in the Championship, Lotus sold its entry but Caterham (Fernandes’ company) continued in GP2 (now F2) instead until 2014.

The AirAsia branding appeared on the Lotus cars as well. Photo: Morio via Wikimedia Commons

While his stint in F1 was short-lived, Fernandes did buy Caterham Cars in 2011 and held it until 2021, when the pandemic saw a sale of non-core assets. However, the biggest venture is yet to come.

Queens Park Rangers

While Tony Fernandes was long a West Ham fan (he failed to buy the club in 2011), his entry into the EPL came in the form of buying a 66% stake in Queens Park Rangers (QPR). The club’s recent promotion to the top league attracted much attention, bringing Fernandes into the spotlight. He continues to retain a significant interest in the club, although the Loftus Road-based outfit today remains stuck in the second-rung EFL championship.

Tony Fernandes was frequently spotted in London to attend QPR matches. Photo: Getty Images

Tony Fernandes served as chairman of the club from 2011 to 2018, a position that saw him make key managerial decisions based on the club’s performance. He later stepped down to focus on his core businesses and hand over control to a London-based manager.

Branching out

As expected, much of Fernandes’ work has centered around AirAsia itself. Beyond the airline and subsidiaries across the continent, the group recently renamed itself ‘Capital A.’ to reflect its growing interests. The Capital A group owns startups like BigPay, a charitable foundation (AirAsia Foundation), a delivery service (AirAsia Food), and much more.

With nearly a dozen businesses under his ownership or supervision, Tony Fernandes has been keeping busy, especially in the last two years. With the pandemic leaving AirAsia teetering on the edge of bankruptcy, with some subsidiaries even shutting down, the focus was on diversifying the business and waiting for flights to resume. Fast forward to 2022 and Fernandes seems to have done both, with revenues rising again and many new companies pushing ahead.

Did you know about Tony Fernandes’ other businesses? Let us know in the comments!