Redknapp was quickly installed as Hughes' successor, with the Rs boss revealing he had been just hours away from taking control of the Ukraine national team.
"Harry is a special manager," Fernandes told the club's official website, qpr.co.uk.
"If he wasn't available, I would probably have persevered with Mark, but Harry is a fantastic manager.
"I've known him for years going back to when he was at West Ham. Harry being available swung it for us."
He added: "We're all in this together. No shirking. Let's see what Harry and the boys do.
"It's up to the 11 guys on the pitch to make it happen for us now.
"If we can pick up a couple of more wins before the new year, we're back to where we were this time last year.
"Coming off a win and three draws, there's a bit of renewed confidence about the place now."