Flavio Briatore quits as QPR chairman but keeps shares

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.

606: DEBATE Do you believe his regime was worthwhile or not, bearing in mind his ambitions to make QPR a Champions League team? the_facts

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.