QPR have confirmed that Harry Redknapp will remain in charge next season despite the club's relegation from the Premier League.
QPR were demoted to the npower Championship yesterday following a 0-0 draw at Reading, which also saw the Royals drop down to the second tier of English football.
Rangers owner Tony Fernandes announced this morning that he would meet Redknapp to discuss various aspects of the team's future, prompting speculation that Redknapp could leave, but the Malaysian confirmed the 66-year-old former Tottenham boss will stay on as manager.
Fernandes told QPR's website: "I have had a positive meeting with Harry.
"I don't think there was any point where he was thinking of not being with us and continuing this project he has embarked upon with a third of the season through.
Redknapp replaced Mark Hughes as manager last November, but despite yet more investment in the transfer window at the turn of the year, the west London club will be playing at Burnley and Ipswich next season, rather than Manchester United and Chelsea.
Redknapp said: "We're all very sorry with the way this season has ended.
"It's been a disaster really, a really disappointing season for everyone - the owners, the staff, the fans; everyone associated to the club.
"We're going to give it a real good go next season though and hopefully get this club back to where it belongs.
Redknapp's predecessor Hughes brought in 12 players last summer as he and his coaching staff set about trying to make QPR a top-half side, just 12 months after their promotion from the Championship.
Their final-day escape from an immediate return to the second tier caused Fernandes to bankroll the purchase of the likes of Julio Cesar, Jose Bosingwa, and Park Ji-sung last summer, all of whom were given big pay packets because of their experience at the highest level.
Many of the signings, including Bosingwa, who was fined two weeks' wages for refusing to sit on the bench against Fulham in December, failed to live up to expectations, however.
May fans felt some of the new additions had taken advantage of Fernandes' deep pockets and did not have the stomach for a fight to stay in the division.
The Malaysian businessman has been reluctant to criticise the squad at times this year, but he made his dissatisfaction at their efforts clear today.
He added: "We are two years wiser than when we arrived. We want players that want to play for us, players that want to win, players who get disappointed like I do when we lose.
"It's heartbreaking for me when we lose. I don't want to go out, I just want to stay at home.
"And I am someone who has dealt with success and dealt with disappointment.
"But there is nothing I have gone through that is as disappointing as losing a football game.
"I haven't said it throughout the season because it wasn't right to be said, but it hurt me when I saw some of the players who didn't feel the way I felt. And in fact, in their case, it should be worse because this is their job, it's their life. It wasn't a good feeling."
Bosingwa received the brunt of criticism from fans for smiling and laughing following the final whistle at the Madejski Stadium despite his team's relegation.
"It was probably the low point for me when I saw the reaction of some of the players," Fernandes continued.
"It has shocked me because it is something that is alien to me. Whatever I have done as a job, for whoever has hired me, I put in 150 per-cent. It's in my character. If I am taking someone else's money, then I am going to work hard for that person.
"It's an alien concept to me that someone takes someone's salary, doesn't put 100 per cent in, thinks: 'Oh, we lost. No big deal. What club are we going to tonight?' That is an alien concept to me.
"It wasn't right to say anything during the season, but I noticed everything and I am a little bit wiser for it now."