Emerson Fittipaldi faces bankruptcy in Brazil

The former F1 and Indy champion, Emerson Fittipaldi, is facing a bankruptcy process in Brazil. According to the first reports, his debts would amount to R$ 27 million, or close to US$ 7.5 million. Due to the lawsuits he is currently facing, his racing cars have been confiscated, as well as many other properties. In the video below, only in Portuguese, you can see the cars being taken away from Emmo’s office, in São Paulo.

At least 11 of his companies are involved in the debts. Some of them have been closed, even if they kept on doing business. The creditors have filed lawsuits in order to try to reach him, with no success. Many of the real state properties that were supposed to be in his name have already been sold. There has even been an attempt to pledge his orange farms, but they had already been pledged by other creditors.

International motor-racing legend Emerson Fittipaldi test drives

Fittipaldi is not currently in Brazil and the hope of creditors is that he has enough properties abroad in order to pay for his debts. His race cars, among which is the car number 20 in which he won the Indy 500 in 1989 and his Copersucar F1 car, are now at the Interlagos race track. They will be evaluated and auctioned in the next few months. Trophies and even advertisement contracts have also been pledged. No official word from the former champion has been released so far.

 

Gustavo Henrique Ruffo

I have been an automotive journalist since 1998 and have worked for many important Brazilian newspapers and magazines, such as the local edition of Car and Driver and Quatro Rodas, Brazilian's biggest car magazine. I have also worked for foreign websites, such as World Car Fans and won a few journalism prizes, among them three SAE Journalism Awards and the 2017 IAM RoadSmart Safety Award. I am the author of "The Traffic Cholesterol", a book about bad drivers that you can buy at Hotmart, Google Play, Amazon and Kobo.