Last Updated: Fri, 24 May 2013 18:23
QPR chairman Tony Fernandes has admitted making mistakes which eventually contributed to the club's recent relegation.
Fernandes will preside over a major overhaul of the squad at Loftus Road this summer, less than two years after buying up the majority shareholding.
The Malaysian entrepreneur has spent millions in a forlorn attempt to keep the Rs in the top flight but says he is now ready to accept a period of stability in the second tier rather than aim for an immediate return to the Barclays Premier League.
Speaking in Monte Carlo, where his other major sporting investment, Caterham, are competing in this weekend's Monaco Grand Prix, Fernandes said: "With QPR we are right back at the drawing board, and we are going to go back to my principles of life.
"You learn a lot when you are going down. You don't learn a lot when you are doing great.
"I am not predicting we will bounce back up straight away, but I am working hard to make sure we have the right culture and right type of people in the club.
"If that means staying in the Championship for a couple of seasons to get it right, then that is worth it."
Asked whether he had taken his eye off the ball, Fernandes replied: "It is an an experience, and I'm just a bit different to everyone else.
"Take Formula One. Everyone in the paddock has made huge errors in their life. They don't stand up and (admit it). I have.
"It's the same in the football world. I don't think every single chairman has made a decision that's right all the time, but I have decided to step up and say I could have done it better. We did a lot of things wrong."
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