INDYCAR: Fittipaldi facing bankruptcy

Two-time Formula 1 champion and Indianapolis 500 winner Emerson Fittipaldi is facing bankruptcy and could lose prized possessions from his racing career, including the car that won the 1993 Indianapolis 500, Brazilian television is reporting.

Rede Record (Record TV) showed on its Sunday Spectacular news magazine that the Penske Racing Indy-winning car, along with trophies and office furniture that Fittipaldi kept as part of a personal museum, were seized after creditors went to court seeking repayment of debts that total approximately $7.5 million ($27 million Brazilian real). The items are currently being held at the Interlagos circuit and will be evaluated and auctioned off.

In a statement acquired by the Associated Press, a representative for Fittipaldi said the driver's situation is the result of "an unstable financial and political scenario" in Brazil.

"The racing cars and the trophies earned by the two-time F1 and Indy 500 champion belong to a museum dedicated to all racing fans in Brazil," the statement read. "As soon as this issue is solved, they will return to their place. Emerson laments what has happened, but is not discouraged by these difficulties and is confident that these problems will be solved."

Fittipaldi's debt reportedly began to accumulate in the 1970s when he joined older brother Wilson at Copersucar-sponsored Fittipaldi Automotive, according to Rede Record. Emerson Fittipaldi, now 69, was involved with as many as 10 San Paolo-based companies, some of which no longer exist, through which creditors are requesting seizure, trade and mortgages.