It was announced today that Beyoncé’s father Mathew Knowles will no longer be managing the superstar. Read details after the jump!!

@ItsLukieBaby

(AP)–Beyonce’s publicist, Yvette Noel-Schure, told The Associated Press in a statement Monday that the Grammy-winning singer and her father have parted ways “on a business level.”

Knowles has managed his daughter since she debuted as a teen in the multiplatinum-selling group Destiny’s Child in the late 1990s and throughout her superstar career as a solo artist.

Beyonce says in the statement that she is grateful for the role her father has had in her career.
She adds that “he is my father for life and I love my dad dearly.”