Briatore Steps Down as Chairman of Queens Park Rangers

Flavio Briatore keeps making the headlines for the wrong reasons lately, as it has emerged that the former Formula One manager has stepped down as chairman of London football club Queens Park Rangers.

Although initial reports following the crash-gate have suggested that the 59-year old Italian will keep his position at the helm of the English 2nd division football club, it now surfaced in the media that he decided to step down and let steel magnate Lakshmi Mittal increase his share in the team.

My three years as chairman have been an exciting and incredible experience. I'm proud to have helped save this historical club and to have contributed in paving the way to its future success,” Briatore was quoted as saying by the media in the UK.

Briatore and Formula One supremo Bernie Ecclestone had purchased a stake in Queens Park Rangers in September 2007, with the former being handed the actual management of the team. Unlike his success in F1 as a team manager, things didn't exactly go the right way in football, as he proceeded to no less than 10 managerial changes through the duration of the last 2 and a half years.

Following his stepping down as chairman of the team, he and Ecclestone will retain their small share of the team, but will have little saying in the management of the club.

In addition to that move, Briatore is on his way to legally battle his former Billionaire partner, designer Angelo Galasso, who is claiming “multi million pound damages because Briatore promised him a formal 20 per stake in the company,” as reported by the GMM news agency, citing the Times.

I'm really, really disappointed. Flavio kept saying 'trust me, trust me'. But he didn't respect the deal. He didn't respect me,” said Galasso, according to the Times.
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