QPR have confirmed that Harry Redknapp will remain in charge next season despite the club's relegation from the Barclays Premier League.
QPR were demoted to the npower Championship on Sunday 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 on Monday 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.