Fernandes took a swipe at the current F1 which according to him has been dominated by the big names.
The financial side of Formula One is significant for Fernandes as he can see no way to claw away at the gap to the likes of Red Bull, Ferrari, McLaren and Mercedes.
The Guardian newspaper of United Kingdom reported Fernandez as saying "It's no secret people are paying more money to watch football, TV rights are growing, global audiences are growing, so what are they doing right that we're not doing right in Formula One?
Highlighting the introduction from this season of the double-points system for the final race in a bid to liven up the title picture, an exasperated Fernandes added: "That is a fake fix.
"What's better is to solve the issue and make the racing more compact so a Sauber, a Lotus or a Force India could cause an upset.
"That's what people like to see, what people like to watch, and that is what is missing in Formula One. The gaps between the haves and the have not’s has made racing boring,”
Fernandes's team originally entered Formula One in 2010 as Lotus Racing using the Lotus brand name under license from Group Lotus. However, things soured between Group Lotus’s owner Proton Bhd and Fernandez resulting in both parties parting company after a court battle .
Fernandez then acquired Caterham cars together with Naza Group’s chairman Datuk SM Nasarudin and his partner in the Air Asia venture, Datuk Kamarudin Meranun. Kamarudin is also the co-chairman of the Caterham group.
In November 2011, the team applied to the Formula One commission to formally change their constructor name for the 2012 season from Lotus to Caterham.
Heading into his fifth season in charge of the team, Fernandes is no longer prepared to dip into his considerably deep pockets to fund a marque that has yet to score a single point in 77 races.
Fernandes was clearly irked by his team’s performance sounded the warning that he may pull the plugs on Caterham. In a recent visit to Caterham’s Leafield base to announce the teams new signing for the 2014 season, he sounded his warning to quit if his team continues to disappoint.
Fernandez was at team’s base to announce its latest signings to its F1 team, Japan's Kamui Kobayashi and Swedish rookie Marcus Ericsson.
That is primarily due to the fact Fernandes was sold on a promise by former FIA president Max Mosley of a £40million cost cap on teams, when instead the gulf between those at the front and back has grown.
"My message to the 250 people here (at the factory in Leafield) is we have to go for it this year. This is it - the final chance.
"We've given you the best infrastructure, the best potential drivers, but it is now down to all of you to go and do it.
"If we're at the back I don't think I'm going to carry on. Nothing is set in stone, but after five years with no points there is a limit to one's patience, money, motivation, etcetera, so it's an important year.
"If we're not competing, two seconds behind everybody else, then we haven't made any progress.”
The entrepreneur, who also owns Sky Bet Championship side QPR and highly-successful airline AirAsia, has become frustrated at Caterham's lack of progress since they entered F1 in 2010.
Running a football team, despite suffering the heartbreak of QPR's relegation from the Barclays Premier League last season, gives Fernandes the perfect opportunity to realise the differences between the two sports.
"The sport has to examine itself," said Fernandes.
"I'm in a fantastic position to see two sports - football and Formula One.
"Every week I go to a game nervous as hell, whether we're playing Yeovil, Doncaster or Leicester, because football is unpredictable,” said Fernandez.
