Ferrari chairman John Elkann has agreed to pay a hefty settlement in connection with a long-running tax dispute tied to his inheritance.
Elkann, together with his brother and sister, will pay Italian tax authorities 183 million euros after inheriting an 800m estate from their grandmother in 2019.
As part of the agreement, Elkann will also complete one year of community service, though the exact nature of this obligation has yet to be confirmed.
Importantly, the 48-year-old has made no admission of guilt, with the settlement designed to bring an end to a criminal investigation into tax fraud. The deal still requires judicial approval.
Elkann is among the most influential figures in global business and motorsport.
Beyond chairing Ferrari, he also leads Stellantis, the automotive giant formed from the merger of Fiat Chrysler and PSA Group, which oversees brands such as Fiat, Jeep, Peugeot, Maserati, Alfa Romeo and Chrysler. Fiat was originally founded by his great-grandfather.
Within Formula 1, Ferrari’s racing operation is managed by team principal Fred Vasseur, but Elkann remains a central figure in broader strategy.
“I think it’s really unfair to Lewis,” Elkann told Time magazine.
“Truth said, Lewis doesn’t need that. Ferrari doesn’t need that.
“What we need to do is win championships and do great things on the track. If that happens, what we can do outside of the track, in some ways, takes care of itself.
“There’s unlimited possibilities.”
He was instrumental in persuading seven-time world champion Lewis Hamilton to join Ferrari, a move that boosted the company’s market value by as much as 10 billion dollars despite a mixed start on track.
