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Beyonce and her manager father Mathew Knowles have parted ways – on a business level. Though this rumor started in August of the last year, the daddy-daughter duo made the official announcement today.

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

Mathew was a little more long-winded. Read his statement below:

“The decision for Beyoncé and Music World Entertainment to part was mutual. We did great things together, and I know that she will continue to conquer new territories in music and entertainment. Currently, I am very focused on the tremendous investment that our record label has made in the gospel/inspirational genre of music and on our supremely talented roster of artists, including Trin-i-tee 5:7, Brian Courtney Wilson, Juanita Bynum, Micah Stampley, Vanessa Bell Armstrong, Pastor Rudy and others.

“Music World will continue its partnership with Sony with Destiny’s Child and UK female group From Above, as well as management. We will also continue to develop the Music World family of labels: Music World Country/Compadre, Music World Kids and Music World Music. In Music World’s repositioning it will not continue its label/management role with Columbia/Sony artist Tiffany Evans.

“Business is business and family is family. I love my daughter and am very proud of who she is and all that she has achieved. I look forward to her continued great success.”

Michelle Williams Fires Mathew Knowles

UPDATE: Tina Knowles Confirms Divorce In Statement

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