Italy’s Silvio Berlusconi said yesterday that he would 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 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 on December 16.

“For the love of Italy one can do crazy and wise things. Eighteen years ago I came on to the scene, a mad move that did not lack wisdom: I now take a step back,” the billionaire said.

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