The R's are bottom of the Barclays Premier League and on January 27, the day after they were eliminated from the FA Cup following a 4-2 home defeat to MK Dons, Fernandes wrote on his Twitter account: "I take all responsibility and will face the music... If can't fix it I will be first to go."
Asked about that this morning on BBC Radio Five Live's Sportsweek programme, Fernandes said: "I think people misunderstood what I said - 'walk away as chairman'.
"Lots of people are getting blamed at QPR - the players, the former manager, the CEO.
"The buck stops with me, and I said that no-one else should be blamed other than me, Tony Fernandes, as chairman.
"If it goes wrong and people think that I'm the wrong chairman, then I'll step down, but my investment will stay and I will continue to be a board member and support the club, because I have a lot of ambitions for the club.
"I just wanted to put on record that no-one else would take responsibility but the leader, and the leader of the club is me."
Pressed as to whether he was planning to step down, Fernandes said: "At the moment, no."
He took control of QPR in August 2011 following the club's promotion to the top flight and has presided over three managers during his time at the helm.
"I have had a very positive response from many of the fans and management at the club, so I will continue," Fernandes said.
"We will take one step at a time. Right now, the battle is on."
QPR are six points adrift of safety in the Premier League with 13 games left to play this season.
In an effort to bolster their survival bid, Fernandes provided the funds for current boss Harry Redknapp to make high-profile signings in the January transfer window, such as striker Loic Remy and defender Christopher Samba.
And Fernandes has rubbished reports that have suggested the latter, a deadline day arrival from Anzhi Makhachkala, is on a salary of £100,000 a week.
Asked how much Samba was earning, the Malaysian entrepreneur said: "It is not right for me to say, but it is nothing like £100,000 - it is more around the £65,000 mark. You would be close (with that)."
Fernandes, who insists QPR conducted themselves correctly in their failed attempt to sign West Brom frontman Peter Odemwingie, added: "If we go down, we are prepared for it and we know what we have to do to come back up.
"Everything that has been done has been thought of in a long-term way.
"We think we can get out of this mess. We have a good manager, we are undefeated so far this year (QPR have won one and drawn four of their five league games so far in 2013) and two or three wins could change our position quite dramatically - it is very tight down there."