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Ferrari chairman set for £21.5 million payout

Ferrari chairman Luca Cordero di Montezemolo will leave in October. Credit: PA Wire

Ferrari chairman Luca Cordero di Montezemolo will receive a staggering payoff of nearly £27 million euros (£21.5 million) after he leaves the sports car manufacturer.

Montezemolo clashed with Marchionne over strategy and the F1 team's poor results Credit: PA Wire

Montezemolo will be replaced by Fiat boss Sergio Marchionne after the pair clashed over strategy and the Ferrari F1 team's poor results.

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