The controversial Italian has been at the helm of the Coca-Cola Championship club for nearly two and a half years.

Ishan Saksena is taking over as chairman of QPR Holdings Limited, with Gianni Paladini resuming as chairman.

Briatore said: "My time as chairman of QPR has 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.

"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."

Briatore, the former boss of the Renault F1 team, took over in late 2007 along with Bernie Ecclestone after saving the club from the brink of administration.

He vowed to lead Rangers back to the Premier League within five years but they are currently no better off in the table, sitting 19th in the Championship having lost their last five games.

Briatore is reported to have interfered in team matters throughout his reign and was barracked by fans at half-time at the last game at Loftus Road, a 2-1 defeat by Ipswich. He did not retake his seat in the directors' box for the second half.

Since taking over he has overseen an amazing 10 managerial changes. John Gregory departed shortly after his arrival and permanent bosses Iain Dowie, Luigi De Canio, Paulo Sousa, Jim Magilton and Paul Hart have been and gone.

Former player Gareth Ainsworth has been in caretaker charge twice, as has the current incumbent Mick Harford.

The club have also signed 47 players, either on loan or on permanent deals, in that time.

Lakshmi Mittal, the billionaire investor, has upped his share in the club although Briatore and Ecclestone remain shareholders.

Paladini was chairman of Rangers until moving to the role of sporting director when Briatore took over, while Saksena was formerly the club's managing director.