Geoff Warren, the owner of Cargiant, has told the Evening Standard that a new stadium for QPR at Old Oak “is just not going to happen”.
Warren owns 45 acres of the site of a proposed regeneration that would transform the area between Scrubs Lane and Willesden Junction.
QPR’s Malaysian owners, fronted by chairman Tony Fernandes, have long planned to effectively build a new community that would include a sport and leisure complex with a stadium.
But Warren has insisted he is pushing ahead with his own plans for the area.
He said: “We own the land. We are going to develop it.
“The stadium is just not going to happen. It’s simply not viable. Its presence slows down sales.
“I’m not saying all this because we want to build up the price. I’m rich enough not to need their money.
“I’m not interested in having a stadium. Would you want to live in a stadium environment?
“We are making very good progress with the planning application. I’ve committed £15m to the process. The application will be submitted next September.”
QPR hope to submit their planning application next April.