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Page last updated at 20:52 GMT, Friday, 19 February 2010

Flavio Briatore quits as QPR chairman but keeps shares

Flavio Briatore
Briatore and Bernie Ecclestone took over QPR in 2007

Flavio Briatore has stepped down as chairman of Queens Park Rangers Holdings with immediate effect.

Briatore and Formula One supremo Bernie Ecclestone bought the club in September 2007, with Briatore vowing they would be in the Premier League in five years.

But since then they have had an amazing 10 managerial changes and 47 players have been signed by the club.

They currently lie 19th in the Championship table and have lost their last five matches.

As a result of the boardroom reshuffle, the family of the world's fifth richest man, Lakshmi Mittal, has increased its shareholding in the club.

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Mittal's son-in-law Amit Bhatia was brought into the club by Briatore and Ecclestone in December 2007, buying a 20% stake and joining the board of directors.

Current managing director Ishan Saksena replaces the 61-year-old Italian, and Gianni Paladini will resume his role as chairman of the club.

Briatore and Ecclestone will retain their shareholding in the Loftus Road outfit.

"My three years as chairman of QPR 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," said Briatore.



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see also
Hart takes over as new QPR boss
17 Dec 09 |  QPR
Briatore's QPR fate put on hold
08 Oct 09 |  QPR
Briatore promises funds for QPR
06 Sep 07 |  QPR
F1 magnates to take over at QPR
01 Sep 07 |  QPR


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