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Former Ferrari chief Montezemolo to be chairman of Alitalia

Luca di Montezemolo may be 67 years old, but he's not quite ready to retire just yet. Not, at least, if the latest reports emanating from Italy are to be believed. According to Reuters, the longtime former Ferrari chief is due to be named chairman of Alitalia.
The troubled Italian airline is on the verge of being bailed out after years of financial difficulty, with Etihad Airways of the United Arab Emirates set to take a 49-percent stake in the company. While the reports have yet to be confirmed by the parties involved, Reuters cites multiple inside sources in revealing that the airline's board met last week and agreed to appoint Montezemolo as chairman, with current Etihad chief James Hogan to act as chief executive officer.
Montezemolo, of course, long served as chairman of Ferrari, having assumed leadership of the company not long after founder Enzo Ferrari died. He also served as chairman of the Fiat group for several years after the passing of Umberto Agnelli, and has headed numerous trade organizations and sporting bodies. But his tenure at Ferrari and the broader Fiat Chrysler Automobiles empire came to an end two months ago when clashes with Fiat chief Sergio Marchionne saw Montezemolo step down.

Ferrari won't quit F1, says Christian Horner

SAO PAULO (Reuters) - Ferrari and Formula One need each other just as much and the Italian glamor team's latest threat to leave after 2020 sounds like bluster, Red Bull principal Christian Horner said on Friday. Ferrari chairman Sergio Marchionne last week warned that his team could walk away, when current contracts expire, if they disagreed with the direction the sport was taking under new U.S.-based owners Liberty Media. Ferrari have made similar threats in the past under different management and Horner, whose team were champions for four years in a row between 2010-13, was skeptical about the fresh warning. "They'll bluster that they don't need Formula One, but what other form of motor racing is going to give Ferrari the platform that Formula One does?," Horner told Sky Sports F1 after first practice at the Brazilian Grand Prix. "The two go hand-in-hand together and have done since the beginning of the championship (in 1950). Nobody wants to lose Ferrari. And I don't think Ferrari can afford to lose Formula One," added the Briton. "So there'll be a lot of brinkmanship and chest-puffing at the moment. But I think when the music stops, they'll be there." Horner suggested also that Marchionne's response was part of a bigger picture that includes possible changes to the distribution of revenues. Ferrari currently receive a bigger share than any team due to their historic status as the sport's oldest and most successful entrant, and will be resistant to taking any reduction. Former commercial supremo Bernie Ecclestone, who dealt with Ferrari for decades under late founder Enzo and then Luca di Montezemolo, told Reuters this week that Marchionne's words should be heeded however. "The difference is that Sergio wasn't the guy in control before," said the 87-year-old, who was ousted by Liberty in January. "If he decides that's what he's going to do, that's what he'll do." "The world is changing an awful lot. So things that you would say would never happen, may happen." (Reporting by Alan Baldwin in London, editing by William Maclean)Related Video:

1962 Ferrari 250 GTO Sells For $38 Million At Auction

A 1962 Ferrari 250 GTO became the most expensive car ever sold during an automotive auction Thursday night when a buyer paid $38 million for the vehicle at a Bonhams event. Only 39 of the racers were ever built, and it is a favorite among collectors. One reportedly sold for $52 million in a private sale. If true, it would be the most expensive car ever purchased. Another Ferrari GTO built for legendary racecar driver Stirling Moss sold for $35 million in 2012. Thursday's sale broke the auction record set at a Goodwood auction last year of a Mercedes W196R that was driven by Juan Manuel Fangio to wins in the 1954 German and Swiss Grand Prix races by $8 million. Pretty good for a car that went to the auction block with no reserve, meaning there was no minimum price set for the sale of the car, though bidding started at $11 million, according to the Los Angeles Times. The Ferrari 250 GTO was the star of the show, but it wasn't the only rare Ferrari on the auction block. Bonhams brought ten of the most collectable Ferraris in the world on stage, including a 1962 250 GT Short-Wheelbase Speciale Aerodinamica that went for $6.875 million, a 1953 250 Mille Miglia Berlinetta driven to racing victory by Phil Hill for $7.26 million and even a 1978 312 T3 Formula One car for $2.31 million. All told, the Ferraris sold for $65.945 million, according to Autoblog.