Briatore stands down at QPR

Former Renault team principal Flavio Briatore has stood down as chairman of British football team Queens Park Rangers.

The Italian took over the team with Formula One Management CEO Bernie Ecclestone is 2007. Lakshmi Mittal later purchased a 20 percent stake in the team and is now increasing his stake as Briatore takes a back seat.

"My three years as chairman of QPR have been an exciting and incredible experience,” Briatore stated. “I’m proud to have helped save this historical club and to have contributed in paving the way to its future success.”

In other news, the Times newspaper reports that Briatore is facing legal proceedings over a dispute with fashion designer Angelo Galasso.

A joint venture between the designer and Briatore has reportedly turned sour regarding the ownership of the Billionaire clothing label.