Ambitious ... new QPR boss Mark Hughes (Getty Images)
Having quit Fulham at the end of last season because he did not believe it shared his vision, Hughes predictably sought assurances on that front before committing himself to Loftus Road until 2014.
The 48-year-old former Manchester City and Wales boss was clearly won over by the plans of Malaysian tycoon
Reports suggest Fernandes is ready to bankroll a January recruitment drive which could see between £20 million ($30.02 million)-£30 million ($45.03 million) of new talent arrive at Loftus Road, with plans for a new 30,000-seater stadium also in the pipeline.
Hughes, who was heavily linked with vacancies at Aston Villa and Sunderland after leaving Fulham, told QPR's official website, www.qpr.co.uk: "It's a great feeling to be back in football and to be the manager of QPR.
"I'm fully aware of the challenge in the short- and long-term and I am genuinely excited about the ambition of the owners.
"Nobody can doubt the history of this great football club and the passion of its fantastically loyal supporters.
"Now the immediate priority is to consolidate our place in the Barclays Premier League, but beyond that, the future is very bright and fills me with great enthusiasm."
Chairman Fernandes said: "Mark has a proven track record in the Premier League, bringing a wealth of experience at both club and international level.
"He has a great passion to achieve as a manager and has already been hugely successful in his career.
"His ambitions match those of the board and we are delighted to have him at the helm."
Fernandes later added on Twitter: "You live or die with your decisions. I'm sorry to those I upset.
"Time will tell if we made the right or wrong decision. But a decision had to be made.
"I thank neil for all he's done and welcome mark to the QPR."
Chief executive
Hughes, who took charge of first-team training for the first time on Tuesday afternoon ahead of his formal unveiling at
A raft of players have been linked with QPR, including Didier Drogba, Alex, Christopher Samba, Nedum Onuoha,
They have already seen a reported £1.5 million ($2.25 million)-£2 million ($3 million) bid rejected for Fulham forward
QPR's announcement of Hughes' appointment even identified Samba and Manchester City pair
With only 21 days of the transfer window remaining, Hughes has little time to act in the market and even less ahead of QPR' trip to
It was fear of immediate relegation to the Championship which prompted Fernandes to axe Warnock after a return of only two points from the last eight league matches and last weekend's FA Cup scare at Milton Keynes Dons.
That was despite Warnock transforming the club's fortunes in his 22 months there, ending its 15-year exile from the Premier League in his first full season at the helm.
Prior to that, QPR had 11 managers - including caretakers - in just over four years in what was one of the most turbulent periods in its history.
Fernandes' takeover in mid-August allowed 63-year-old Warnock to add a host of big names to his squad but with mixed results.
Warnock insisted he bore no grudges over his exit but disputed the club's decision to sack him and was confident he would have kept it up.
Beard later confirmed negotiations with Hughes had focused heavily on potential transfer targets and said he would attempt to bring in at least one new face before the Newcastle game.
"We're trying and there are one or two players that we've had discussions about," he told QPR Player.
"I can't promise that there'll be new players for Sunday."
Beard suggested the priority might be finding a replacement for midfielder Alejandro Faurlin, who was ruled out for the rest of the season on Sunday after rupturing an anterior cruciate ligament.
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