• Asian businessman could be named as new owner on Monday • He will take charge alongside Lakshmi Mittal

Tony Fernandes could be announced as the new owner of Queens Park Rangers on Monday in a deal that would mean the Asian businessman taking control of the club from Bernie Ecclestone and Flavio Briatore, in partnership with Lakshmi Mittal, who already owns 33%.

If the deal goes through it is not yet clear if Ecclestone will sell all his 66% holding in the west London club and whether Briatore will retain his 1% stake. However, given the strained relationship Mittal and his son-in-law, Amit Bhatia, have with the Formula One impresario and the former grand prix team principal Briatore, it is thought Ecclestone is likely to sell all his shares.

Ecclestone has said in the past that QPR would be for sale for £100m but the financial details of the deal being struck by Fernandes and Mittal are unknown.

Bhatia, who resigned as chairman in May in protest at ticket-price hikes and the direction the club was taking is likely to return to the board if Fernandes is successful in his attempt to take control.

A source close to the Air Asia and Team Lotus team owner told Observer Sport: "Until the deal is done [it] is not done. But we are hopeful that by Monday it could be complete. It will involve Tony buying into the club and taking charge alongside Mittal."