Despite winning his appeal in the French Courts over his lifetime ban from the world of Formula One due to his involvement in the race fixing scandal that occurred as a result of Nelson Piquet being ordered to crash his Renault at the inaugural Singapore Grand Prix in 2008, Flavio Briatore has now decided to step down from his role as Chairman of the Board of Directors of QPR Holdings Ltd with immediate effect.

"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,” Briatore said. “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."

QPR would like to thank Flavio Briatore for his great contribution and commitment during his time as Chairman of the club, and wish him every success in his future endeavours. Both Flavio Briatore and Formula One boss Bernie Ecclestone remain shareholders of the club.