Redknapp's future has been subject to press speculation.
A report in the Daily Mirror last week suggested that if QPR lost the weekend's fixture to Manchester United then Redknapp will have been relieved of his duties, but after suffering a 2-0 defeat to Louis van Gaal's side this weekend, Fernandes has chosen to release a statement backing his manager.
Fernandes told the Queens Park Rangers website: “I firmly believe Harry is the best man to get us out of the position we currently find ourselves in.
“He has great experience and having spoken to him at length over the last week or so, he is determined to turn this around and help us maintain our Premier League status.
“This is Harry’s squad of players, so he is the man to move us forward.”
Despite the defeat to United on Saturday, which leaves QPR right in the thick of the relegation battle second from bottom, and a point adrift from safety in the Premier League, Fernandes seemed encouraged by the display he saw from the team.
“The performance against Manchester United showed the players are behind him and that they have the stomach for the fight.
“We know we need to improve our away form and Harry, his coaching staff and the squad will be doing all they can to turn around our fortunes on our travels.
“It’s very tight in the table and we will do our best to strengthen where we can to give us the best possible chance.
“The fans have been brilliant all season and all I ask is that they continue to back Harry and the team.”
All of QPR's points have come at home this season and one of the ways they could avoid the threat of an immediate return to the Championship. They have lost all 10 of their Premier League games so far this term and have been disappointing in the cup competitions - having been dumped out of the FA Cup by Sheffield United at the start of the month.
Redknapp has experience of leading teams to safety in the Premier League having done so in the past with Portsmouth, but this appears to be his greatest challenge yet.