Feb.22 (GMM) Even in the wake of ‘crashgate’ and the ensuing saga about his motor racing ban, Flavio Briatore is still making headlines for the wrong reasons.
The 59-year-old Italian had retained his role as chairman of the London football club Queens Park Rangers, but it now emerges that he has stepped down.
Alongside Bernie Ecclestone, he bought into the club in September 2007, but in that time Briatore became known as the mastermind of 10 managerial changes and little progress on the field.
“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,” he said.
Briatore’s departure has resulted in the family of wealthy steel magnate Lakshmi Mittal increasing its stake in the club, while Briatore and Ecclestone retain shareholdings.
It also emerges that Briatore is set for a London High Court battle with the former partner of his luxury UK fashion label Billionaire.
According to the Times, designer Angelo Galasso is claiming multi million pound damages because Briatore promised him a formal 20 per stake in the company.
“I’m really, really disappointed,” said Galasso. “Flavio kept saying ‘trust me, trust me’. But he didn’t respect the deal. He didn’t respect me.”
Briatore’s lawyer did not reply to a request for comment.