Emerson Fittipaldi Reportedly Facing Bankruptcy (Update)
Emerson Fittipaldi is very disappointed with the latest news as a result of a broadcast from a single TV station in Brazil. He has been offended in his honesty, integrity and honor.
Mr. Fittipaldi wants to clarify that his group is going through some financial difficulties as many other companies and people are in Brazil in light of the local ongoing economic and political turmoil. His office and his team have been and will always be open and accessible to anyone at the same address, as they have been for more than 20 years.
As every Brazilian, Emerson Fittipaldi believes all issues will be solved in the near future. He trusts this political and financial crisis Brazil is going through, will be solved soon. This scenario – recession and high interest rates – is a major cause to the problems Mr. Fittipaldi is facing. In addition, it is very important to note that his assets are larger than his debts therefore this is not a bankruptcy case.
The two racing cars and the trophies which have been wrongfully apprehended and are property of the Museum Fittipaldi shall soon be back to its place of origin, allowing the people who love motorsports to enjoy the full collection again.
Emerson regrets the events which have been damaging to his impeccable image established over more than 50 years globally. He wants to thank all the support received by his fans, friends and business partners from all over the world.
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| Emerson Fittipaldi |
04/04/16
Reports from Brazil claim Formula 1 and IndyCar champion Emerson Fittipaldi is facing bankruptcy.
Citing a news magazine report aired Sunday night on the TV Record network, Brazilian motor racing site Grande Premero says the footage depicted seizure of "the car #20 [Patrick Racing Indy car that] Emerson won the Indianapolis 500 in 1989" from Fittipaldi's office in Sao Paulo, and that along with trophies that were taken, the items "won throughout his career will also serve as payment of debts."
The site reports everything from office furniture to items Fittipaldi kept as part of a personal museum were seized, transported to the Interlagos circuit for holding, and "they will be evaluated and auctioned off."
Debt in the range of $7.5 million ($27 million Brazilian real) was also listed: "For the ten companies that are part of Fittipaldi, based in Sao Paulo – many of them no longer exist, such as the International Sports Marketing – there are requests for seizure, trade and mortgages totaling debts valued at R $27 million. Creditors went to court demanding payment for services." R&T