Brazil’s popular racer Emerson Fittipaldi is having millions of dollars of debt, causing the seizure of his assets such as properties, his old racecars.
Fittipaldi, a two-time champion of both the Formula One world championship and the Indianapolis 500, has acquired 27 million Brazilian reals ($7.4-million) in debt and is facing more than 60 lawsuits in the courts of Brazil.
Fittipaldi’s creditors include banks, professionals and the owner of a petrol station who states the 69-year-old has an overdue tab of more than $16,000.
In a declaration released by his publicists, Fittipaldi stated he “never concealed his financial difficulties and has actually constantly been ready to work out with his creditors”.
He stated his debts were smaller sized than his overall wealth and that his cash difficulties “are the outcome of the unstable financial and political climate that all of Brazil is dealing with”.
Brazil, Latin America’s largest economy, is bogged down in a deep economic crisis and a political crisis triggered by a big corruption scandal and relocates to impeach President Dilma Rousseff.
Fittipaldi’s monetary scenario reportedly took a struck when he promoted the Brazilian stage of the FIA World Endurance Championship from 2012 to 2014– a debt-laden gig, a close associate informed paper Estado de Sao Paulo.
Time when the championship pulled out of Brazil in 2015 because of Fittipaldi’s monetary difficulties, his lenders took him to court.
Last week, the courts took the motorist’s automobiles from the 1976-1977 F1 season and his 1989 Indy 500 victory.
