QPR chairman Tony Fernandes admits he "f***** up" this past season.

Even though he said the club did not need to sell any of its high-earners, he conceded some might need to take a pay cut.

He said: "We did a lot of things wrong and I "f***** up.

"With QPR we are right back at the drawing board, and we are going to go back to my principles of life.

"With all due respect if I'd been every day at Loftus Road, I dare say it would have been a bit different.

"We have to give more autonomy to our CEO at QPR, and Harry Redknapp and the management team.

"There is no financial pressure to get rid of any of the players. If you look at that squad, the players are good, they just haven't played together.

"You learn a lot when you are going down. You don't learn a lot when you are doing great."