Former F1 champion Emerson Fittipaldi in $5million debt; cars and trophies pawned to pay off amount he owes

Tanish Chachra | 22/06/2022
Sergio Perez makes huge Max Verstappen F1 ‘GOAT’ claim

Former F1 champion Emerson Fittipaldi is in a huge debt of $ 5 million and Brazilian court orders the pawning of cars and trophies.

Emerson Fittipaldi might have been one of the most successful F1 drivers to come out of Brazil with his two championships. But today he’s in huge debt that would need to be paid by selling off his trophies and cars.

The former F1 champion is now facing over 60 lawsuits due to poor finances. However, his defence argued that the cars and museums aren’t owned by him but a museum.

But the court found that Fittipaldi’s address and museum share the same address. Therefore, the attachment of the above objects has been maintained by the court.

According to the reports, Fittipaldi Museum houses pieces such as a model car from Copersucar, a team created by him and his brother Wilson Fittipaldi in Formula 1.

The other was from the Penske team, with which the former driver won the Indianapolis 500 and the title of 1989 IndyCar. This case of $5 million debt is the biggest among the 60 cases faced by Fittipaldi and is resulted because of his recent businesses.

Also read: Valtteri Bottas almost took retirement from F1 because of championship challenge by Lewis Hamilton

Not the first legal trouble for Emerson Fittipaldi

This is not the first time when Fittpaldii has been involved in financial court cases. Back in 2020, reports claimed that 145 lawsuits were against him, demanding $8.4 million from him.

The biggest creditor from that lot was Bank Safra which accused Fittipaldi of hiding his assets. Meanwhile, the two-time world champion claimed innocence.

But according to several lawyers, he is said to have a very rich life in the United States. On the other hand, he has huge debts in Brazil.

Also read: Sergio Perez makes huge Max Verstappen F1 ‘GOAT’ claim

Post Edited By: Tanish Chachra
Emerson Fittipaldi

About the author

Tanish Chachra

Tanish Chachra is the Motorsport editor at The SportsRush. He saw his first race when F1 visited India in 2011, and since then, his romance with the sport has been seasonal until he took up this role in 2020. Reigniting F1's coverage on this site, Tanish has fallen in love with the sport all over again. He loves Kimi Raikkonen and sees a future world champion in Oscar Piastri. Away from us, he loves to snuggle inside his books.

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