Italian Prime Minister Silvio Berlusconi has resigned as president of AC Milan, the reigning Serie A Champions. 

(Berlusconi seen at AC Milan game in May, Photo: AFP)

Berlusconi's resignation comes in the wake of a recent law introduced in Italy which forbids government members from holding other key positions at the head of major companies.

Government members are not barred from owning a company, but they may not run it themselves.

AC Milan said in a statement that the post Berlusconi has held since March 24th, 1986, would remain vacant.
Berlusconi had suggested that his son Piersilvio take over as president of the club, but the move was blocked by the Mediaset group of companies, of which the 35-year-old is vice-president, because he plays a key role in the negotiation of television rights for football.

Berlusconi has courted controversy throughout a colorful career, which has seen him rise to the highest seat in political office while also being the country's biggest media magnate.

Only a fortnight ago the 68-year-old Italian survived the latest bid to send him to jail for corruption. But many in Italy and Europe are aware of Berlusconi's status as a billionaire media tycoon whose political and business lives are intricately intertwined.

Throughout his years in politics, Berlusconi has held on to his media empire, though officially he has handed over management to his wife and children.

It comprises, among others, of three of Italy's four private TV networks, the country's biggest advertising company, Publitalia, and a massive publishing house, Mondadori.

On top of that he owns Italy's biggest film distributor, Medusa, the Mediolanum financial services company, and AC Milan.

Editor: Wing