What is Flavio Briatore's Net Worth and Salary?
Flavio Briatore is a renowned Italian businessman known for his significant contributions to the world of Formula One racing. He boasts an impressive net worth of $400 million. He is best-known for managing two Formula One teams, with the most recent being Renault F1. Briatore also held the role of part-owner and chairman of London's Queens Park Rangers F.C. from 2007 to 2010.
In the 80s, Briatore faced several fraud convictions, resulting in two prison sentences he ultimately never served. In 2008, Briatore was forced to resign from the ING Renault F1 team due to accusations of race-fixing at the Singapore Grand Prix. A subsequent FIA investigation resulted in a ban from FIA-sanctioned events, though this decision was later overturned by the French Tribunal de Grande Instance.
Early Life and Career Beginnings
Flavio Briatore was born in 1950 in Verzuolo, Italy to elementary school teachers. Struggling in public school, he attended the private independent school Fassino di Busca. Early in his career, Briatore worked as a restaurant manager, ski instructor, and insurance salesman. Moving to Cuneo, Italy, he became an assistant to businessman Attilio Dutto before progressing to a role at Finanziaria Generale Italia in Milan where he met Benetton founder, Luciano Benetton.
Criminal Convictions
Throughout the 80s, Briatore faced multiple counts of fraud, receiving various sentences that were later reduced. To avoid imprisonment, Briatore lived as a fugitive in Saint Thomas in the Virgin Islands, where he opened Benetton stores. Due to his franchising strategy, the chain surged in popularity in the United States, marking Briatore's rise to wealth.
Start of Formula One Career
In 1988, Briatore attended his first Formula One race at the Australian Grand Prix and was subsequently appointed commercial director of Benetton Formula Ltd. Promoted to managing director, he transformed the team by recruiting Michael Schumacher, who achieved significant victories and propelled the team to World Championships in 1994 and 1995.
In the mid-90s, Briatore purchased the Ligier team and took over complete management of Benetton. Despite some key departures, he continued to influence the sport, including leading the engine company Supertec.
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Return to Formula One and Race Fixing Scandal
In 2000, Briatore purchased the Benetton Formula team, later renamed Renault F1. His career saw notable successes, including managing rising stars like Fernando Alonso, who won championships in 2005 and 2006. However, the 2008 Singapore Grand Prix scandal led to Briatore’s resignation and a ban that was later contested and resolved out of court.
Business Interests
Apart from Formula One, Briatore has established various business ventures. He created the Billionaire nightclub brand in 1998 and launched the fashion line Billionaire Italian Couture. In 2004, he opened Cipriani's restaurant in London and owned nearly 50% of the pharmaceutical company Pierrel. Additionally, he manages a beach club in Tuscany and a holiday resort in Kenya.
In 2007, Briatore, alongside Bernie Ecclestone and Lakshmi Mittal, purchased the Queens Park Rangers football club. He served as chairman until stepping down in 2010.
Personal Life
Briatore has been romantically linked with several high-profile women. He was engaged to supermodel Naomi Campbell in 1998, and had an on-and-off relationship until 2003. Afterwards, he dated supermodel Heidi Klum, and they had a daughter, Leni Klum. In 2008, he married model Elisabetta Gregoraci, and they have a son. They divorced in 2017.
