I won't stand again: Berlusconi

25 Oct 2012, 8:13 am   -   Source: AAP
Italy's Silvio Berlusconi says he will not run again for the premiership at elections next year. (AAP)

Italy's Silvio Berlusconi says he will not run again for the premiership at elections next year. (AAP)

Silvio Berlusconi says he will hand the reins of his Freedom Party over to a successor by the end of the year.

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Italy's Silvio Berlusconi says that he will not run again for the premiership at elections early next year and will hand his People of Freedom party over to a successor.

"I will not be presenting my candidacy but I will remain at the side of younger people who can play and score goals," said the media magnate, who founded the party in 2009 and is famous for talking politics in football terms.

The 76-year-old tycoon, who owns AC Milan football club and three national television channels, said in a statement that his successor would be appointed by the end of December following a party vote.

"I still have good muscles and a head on my shoulders, but my role will be to give advice", he said, adding that the vote may take place December 16.

"For the love of Italy one can do crazy and wise things. Eighteen years ago I came onto the scene, a mad move that did not lack wisdom: I now take a step back," the billionaire said, putting to an end speculation over his return.

The move came as his scandal-hit PDL party tries to boost its credibility following a series of investigations into misuse of party funds.

The former prime minister had retreated from the political frontlines after handing over power in November 2011 to former European competition commissioner Mario Monti amid a parliamentary revolt and a wave of financial market panic.

The PDL has suffered a series of local election setbacks and is riven by infighting, and many supporters had been urging Berlusconi to return to lead the party in the upcoming elections, set for April next year.

Berlusconi said it was now up to the party secretary Angelino Alfano "and a new generation of young people to reproduce the miracle of 1994" when the man famed for his love of wild parties was first appointed prime minister.

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