F1 and Indy 500 Champion Emerson Fittipaldi Reportedly Facing Bankruptcy "Reports from Brazil claim Formula 1 and IndyCar champion Emerson Fittipaldi is facing bankruptcy. Citing a newsmagazine report aired Sunday night on the TV Record network, Brazilian motor racing site Grande Prêmio 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 São 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."
Well, that's sad. Brazil's economy is on the brink. I wonder if Emmo's problems are related to that. Many South Americans have significant assets in the U.S., especially in Florida. Perhaps Emmo does too.
I recall he had quite a few business in his Indycar days. Fittipaldi wheels, the orange groves, and I think some Hugo Boss stores. I don't know about recent stuff but I guess it all dried up. Sad indeed.
I admire and like Emmo, and he may be the only racer ever to win more than 1 World F1 title AND more than 1 Indy 500. But I seem to recall that he got crosswise with everyone over his supposed contract to manage/represent Helio, and I think he may have burned too many bridges. I could be wrong, but didn't he essentially testify against Helio in the tax fraud trial thereby becoming something of a pariah in Indycar circles?
The Panama Papers will enliven a bit about South Americans and their 'holdings' no matter where they are.
According to today's FIGARO (French newspaper), Fittipaldi's financial problems started in 2011 when he became promoter for the WEC races in Brazil. He lost plenty of money on the annual races held in Brazil until 2014. The WEC hasn't visted Brazil since Fittipaldi had to cancel the contract. That, and the general economic downturn in Brazil affected most of the companies he owned. According to the paper, his assets are still superior to his liabilities, but he has to dispose of most of them to satisfy the creditors. A well known story ... In between, some of his car collection and some of his valuable trophies have been seized.
His problems in Brazil have little to do with the current economic situation. The Le Figaro is unaware of his track record. Unfortunately he is known in Brazil by his very bad entrepreneurial decisions. It all started with his own F1 team back in the 70's and continued after he stopped racing.
Seems like a good guy with bad judgement...you know, like drining OJ in front of 200k milk-loving 'Mericans.
Are you taking about the Copersucar team that became Fittipaldi F1 later? I thought that his brother Wilson owned that. Wilson Fittipaldi tried to start an all-Brazilian team around his brother, but ended up buying cars from Wollf, and even Theodore, I think ... It became a costly fiasco, that terminated Emerson F1 career but was also the launching pad for a certain ... Keke Rosberg.
It was quite complicated, if my memory serves me well (?): The "Fittipaldi" team was formed in 1974 by the two brothers Wilson and Emerson, Wilson being the team principal (and its first driver in 1975) and Emerson, although contracted to McLaren as a driver, acted nevertheless as "consultant". Wilson secured Copersucar as the main sponsor for the team at the end of 1974, but it was always the Fittipaldi team; Copersucar left at the end of 1978 -or 1979 - sorry, can't recall exactly, and was then replaced by Skol (today Skol is AmBev). Among other luminaries that came out of that team, there was a very young - 23 years old -assitant to Harvey Postlethwaite in the last months of the team, a certain Adrian Newey, if my memory, etc... Rgds
From Wikipedia "Fittipaldi Automotive, sometimes called Copersucar after its first major sponsor, was the only Formula One motor racing team and constructor ever to be based in Brazil. It was formed during 1974 by racing driver Wilson Fittipaldi and his younger brother, double world champion Emerson, with money from the Brazilian sugar and alcohol cooperative Copersucar. In 1976 Emerson surprised the motor racing world by leaving the title-winning McLaren team to drive for the unsuccessful family outfit. Future world champion Keke Rosberg took his first podium finish in Formula One with the team. The team was based in São Paulo, almost 6,000 miles (10,000 km) away from the centre of the world motor racing industry in the UK, before moving to Reading, UK during 1977. It participated in 119 grands prix between 1975 and 1982, entering a total of 156 cars. It achieved three podiums and scored 44 championship points."
Emo -- great driver but I cannot forgive him for drinking Orange Juice instead of Milk at Indy as a PR stunt for his own orange groves. IMO -- very low class.
I'm just a racing fan, so winning F1 and Indy makes him OK in my book. He had an interesting blog on the McLaren site last year, now replaced by Keke I think
who can forget that epic finish when he and little al diced wheel to wheel @ 220mph in the last laps of the 500??
He won the F1 WDC in 72 (Lotus) and 74 (McLaren), sometime in the 80s he retired to CART and won in 1989. Plus won the Indy 500 in 89 and 93. Who gives a damn what he was drinking on the podium ?? I fail to understand the significance of that in light of his achievements.
I don't know how it started but the winner of Indy 500 always drinks a bottle of milk on the podium. Its become a tradition.
Two things; 1. "It's tradition, old chap!".... Indy winners *always* drink milk in Victory Lane. 2. He was seen at least as promoting his own ****. (Which is pretty much what they all do all the time of course..... ) Cheers, Ian
+1 Really who cares about that I cannot understand why some people get so hung up about completely stupid traditions. You wouldn't make me drink milk for love or money: I am allergic to the stuff.
Traditions are there to be broken; that's how the human race advances as a species. We have given up on many traditions, so why being to prissy about the milk thing? As for being offended because Fittipaldi was seen promoting his own orange grove, give us a break!! The whole car and the driver's racing suit are covered in adverts!! If that's not promotion, I don't know what is!!
That explains many things! [Sorry, obviously no offense intended etc.] But I couldn't resist. Cheers, Ian
Lactose allergy is a well-known medical condition. In reality, man is not meant to drink milk. Do you know that man is the only mammal that still drink milk when it becomes adult?