Milan, Italy (My Sportsbook) - AC Milan president Silvio Berlusconi resigned Tuesday in order to conform with a newly passed Italian antitrust law.

Berlusconi, Italy's prime minister, will still retain ownership of the highly successful club. The antitrust law, which was passed this past summer but recently went into effect, prohibits Italian government members from running businesses in order to limit possible conflicts of interest.

The position of president at AC Milan will remain temporarily vacant until further notice. Berlusconi had been the club's president since March 24, 1986. He has also been Italy's prime minister since 2001. Milan vice president Adriano Galliani has handled the day-to-day business of the club since Berlusconi obtained the governmental position.

Berlusconi is a powerful media magnate who owns numerous companies. He does not, however, currently handle the day-to-day operations of any of them.

AC Milan has cemented its position as one of the world's strongest clubs during Berlusconi's tenure. The Rossoneri won four European Clubs' Cups and seven Serie A titles over the past 18 years.

AC Milan won last season's Scudetto and is currently in second place at the winter break. The Rossoneri have 35 points from 16 matches this season, and are just four points back of Juventus for the league lead.