Flavio Briatore has resigned as chairman of Queens Park Rangers Holdings Ltd with immediate effect, although the Italian will continue to act as a shareholder of the London football club.
Briatore's role with the club had been in doubt following the ban imposed on him by the FIA following his role in the Singapore race fixing scandal, although that ban was overturned last month by the French High Court.
Despite that decision, Briatore has elected to stand down from his position and will be replaced as chairman by Ishan Saksena.
"My three years as Chairman of QPR have been an exciting and incredible experience,” he said. “I'm proud to have helped save this historical club and to have contributed in paving the way to its future success.
"Although my commitment to the club remains unchanged, I now feel the need to focus my energies into other fields as well. I'm very happy that my position as Chairman of QPR will go to Ishan Saksena. I'm sure he will do a brilliant job and under his leadership the club will soon achieve the stability and the good results we all expect."
Aside from the announcement that he will stand down from his role with the club, Briatore is now facing a High Court showdown with designer Angelo Galasso – a designer who he teamed up with to launch the Billionaire Italian Couture fashion label back in 2005.
According to the writ issued, Galasso has claimed that Briatore took control of the business from his partner in mid-2007 when he was looking to bring in extra funding for the label.
Under the terms proposed, Galasso would have given up his 49 per cent stake in the company and was offered 20 per cent plus a bonus of 5 per cent of profits.
When his share certificate was returned, Galasso claims that Briatore failed to deliver on the revised agreement.
“I'm really disappointed,” Galasso told The Times
. “Flavio kept saying 'trust me, trust me'. But he didn't respect the deal. He didn't respect me.”