UPDATED: Matthew Knowles NO LONGER Beyonce's Manager!

In VERY shocking news, it is being reported that Matthew Knowles, father to superstar Beyonce Knowles, is no longer managing her career!

In a statement released by her publicist Yvette Noel-Schure, it is revealed that the two have parted ways "on a business level."

WOW!

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."

Awwwww.

Matthew Knowles has managed Beyonce's career since she was a teenager up until now. I wonder who will take over her career now, considering that he helped build it? Hmmmmmm.

UPDATED

On the heels that he will no longer manage his daughter Beyonce's career, Matthew Knowles has issued the following statement while reiterating that their decision was mutual and that he was proud of his daughter. Read it under the break......

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.

There you have it!