Many of the biggest teams in Formula One extract enormous budgets from the automakers that own them: BMW, Renault, Toyota, Honda, even Mercedes-Benz, which is part owner of McLaren. Not Ferrari, though. The team, part of the Maranello-based sportscar maker, is owned by the Fiat auto group. However, Fiat does not contribute even one centesimo (er... euro-cent) to the team's budget.

This according to Luca Cordero di Montezemolo. And he should know, being both president of Ferrari and chairman of Fiat (in the mid-'70s, Montezemolo directly headed up the Scuderia before being promoted up the Fiat ladder). The marquis insists that the entirety of the Ferrari F1 team's budget is generated from within Ferrari, through the sales of its road cars (all of which go for six digits) and the team's sponsors, to say nothing of the company's considerable merchandising efforts.

[Source: The Daily Telegraph via F1-Live, Photo by GIUSEPPE CACACE/AFP/Getty]

Montezemolo: Scuderia Ferrari not funded by Fiat originally appeared on Autoblog on Thu, 03 Jul 2008 08:01:00 EST. Please see our terms for use of feeds.