But Fernandes still believes he made the right choice in sacking Hughes when he did.
"I think the sell-by date had come and it was obvious," Fernandes said. "Straight after he left
we beat Fulham
and there was a bit of an uplift.
"There are many people who fault me for not letting him go earlier. My mistake.
"I always want stability. I wanted
Neil Warnock to be here
for a long time. I thought Mark would be here for a long time.
"I sent him a card for his wedding anniversary, which I think was 25 years. And I said, 'I hope we'll have a 25-year relationship'.
Reading and QPR down after draw
"It's important in a club. Stability is important in any organisation. And it's been a heartbreak for me that we've had three managers in two years.
"I hope Harry can stay with us as long as he wants to and in that period he can groom someone else that will carry on the Harry Redknapp tradition."
Fernandes warned, however, that it might take QPR
"two or three seasons"
before they return to the Premier League.
When asked whether QPR were prepared to play the "long game", the Malaysian added: "We may have to - there are a couple of things that we're looking at. Do we invest in lots and lots of young players like Aston Villa?
"We have to go for the long term - we may not come up straight away.
"But we'll get the infrastructure of the players right. We've got everything else right in terms of the brand, in terms of the exposure, the plans for the training ground, the stadium. We've just got to get that player infrastructure right."
You can watch Richard Conway's full interview with Tony Fernandes on Football Focus at 12:15 BST this Saturday (UK only)
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