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Beyonce has been in the studio recording her highly anticipated new album. While pictures and news of who’s working on the album have been coming out almost weekly, now a different kind of bombshell has been dropped. Beyonce has officially ended her business relationship with her father, Matthew Knowles.

In a statement released to the press, Beyonce says, “I am grateful for everything he has taught me. I grew up watching both he and my mother manage and own their own businesses. They were hardworking entrepreneurs and I will continue to follow in their footsteps. He is my father for life and I love my dad dearly.”

Matthew also released a statement which read, “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.”

This is a sad day, but we love the fact that the Knowles family is still filled with love. Check out these pictures of Beyonce out and about in New York City yesterday.

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Beyonce Knowles out and about in New York City.

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Beyonce Knowles out and about in New York City.

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Beyonce Knowles was out and about in New York City.