Corporate leader Tony Fernandes has been appointed as the Malaysia Stadium Corporation (PSM) chairperson effective today to replace Rozabil Abdul Rahman.

In a statement today, Youth and Sports Minister Syed Saddiq Syed Abdul Rahman said the appointment of Fernandes was timely.

The minister said Fernandes as a leading corporate figure could assist and improve the structure and operation of PSM as well as restoring the financial position of the statutory body which recorded a loss of RM11 million.

Syed Saddiq hoped the appointment would invigorate youth, sports, recreational and entertainment activities involving the various assets under PSM.

“His involvement and success in various commercial areas, including the air industry (AirAsia), entertainment (Warner Music), hotels (Tune Hotels) and broadcasting (The Apprentice Asia) are part of his achievements as the best candidate to hold the post.

“His entrepreneurial talent, creativity and leadership are outstanding and they are evident with the many awards he had won including the CEO of the Year and Entrepreneur of the Year,” Syed Saddiq said.

Fernandes is also no stranger to sports when he partly owned the Queen Park Rangers football club apart from being the founder of Formula 1 team, Caterham F1 Team.

"He is adept in the intricacies of international standard sports development and promotion.

"AirAsia's sponsorship of local sports such as AirAsia Badminton Academy as well as e-sports competitions proved he is passionate about raising the quality of sports in the country,” he said.

- Bernama