Joey Barton has been stripped of the Queens Park Rangers' captaincy and warned his contract will be terminated for one more serious indiscretion following an internal review into his dismissal at Manchester City on the final day of last season.

Barton accepted he "deserved every punishment I received" after QPR's investigation into events at the Etihad Stadium on 13 May stopped short of sacking the 29-year-old but included a six week fine and exclusion from the club's pre-season tour of Asia.

On top of a £75,000 fine from the Football Association, Barton, on a similar sum each week at Loftus Road, will pay over £500,000 in total for elbowing Carlos Tevez, kicking Sergio Agüero and aiming a headbutt at Vincent Kompany as he exited City's title-winning contest in disgrace.

The midfielder received a 12-match ban from the FA last month and admitted on Monday that the suspension, plus the loss of the captain's armband, would hurt him far more than any financial penalty. But Barton has been left in no doubt that QPR will terminate the lucrative four-year contract he signed upon arrival from Newcastle United last summer should he err once again.

A club statement confirmed: "Following a full internal investigation, Queens Park Rangers Football club can confirm Joey Barton has been fined six weeks' wages and will no longer be club captain. The 29 year-old midfielder will also be absent from the club's pre-season tour of Asia in July. The club has also reached agreement with Barton that if he seriously breaches the club's disciplinary procedures again, the club reserves the right to terminate his contract."

Barton, who was arrested for affray earlier this month following a night out in Liverpool with his girlfriend, issued an unreserved apology. It read: "My behaviour was wrong and I accept the punishment that has been imposed upon me as a result. I apologise to the manager, my team-mates and of course the QPR fans for my actions. I also apologise to the Manchester City players, staff and supporters."

He later tweeted while on holiday: "I was reckless and deserved every punishment I received. Money comes and goes, it's not important to me. Losing the captaincy and missing 12 games, is what really hurts. I was stupid and that what happens when u do dumb things. I am confident ill bounce back. Cannot wait. That's all I have to say on the matter. I wish to put it behind me now and help QPR, once available of course, push on towards the top half."

The QPR chief executive, Philip Beard, insisted the club's sanctions were appropriate for Barton's eruption at City. He said: "It was important that we took our time to make sure we came to the correct decision, which I believe we have achieved.

"Joey's behaviour, which led to his red card at Manchester City, and his subsequent actions were completely unacceptable and we have made our feelings on this matter known to him. I am really pleased with the way in which the club and Joey have worked towards reaching a sensible conclusion and we fully believe he will respond to these sanctions in the correct manner."