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Montezemolo says he has "no good news" on Schumacher

Former Ferrari president Luca di Montezemolo said on Thursday that he has "no good news" about Michael Schumacher's condition. Speaking to journalists on stage in Milan at the Quattroruote Day, where he was awarded the Premio Gianni Mazzocchi in memory of the newspaper's founder, di Montezemolo was asked about the seven-time world champion. And more than two years on from the skiing accident that left Schumacher with serious head injuries, di Montezemolo suggested there had been no positive developments. "I have unfortunately not good news," di Montezemolo said on stage. "Michael was a great driver, and we experienced a long time together in both our personal and professional lives. But life is really strange. "He was the most successful driver of Ferrari and in his career he had only one accident, in 1999. But unfortunately a fall in a ski accident has had serious consequences." The Schumacher family has kept details of the German's conditions a closely guarded secret, although has made it clear that he faces a long recovery. Earlier on this year, Schumacher's manager Sabine Kehm slammed as 'irresponsible' a report that he was able to walk again. "Such speculation is irresponsible, because given the seriousness of his injuries, his privacy is very important for Michael," she said. "Unfortunately they also give false hopes to many involved people." This article by Jonathan Noble originally appeared on Motorsport.com, the world's leader in auto racing news, photos and video. Image Credit: AFP via Getty Images Celebrities Motorsports Ferrari F1 michael schumacher luca di montezemolo

Race Recap: 2014 Canadian Grand Prix makes its money on the back end

Momentum. That was the word of the weekend at the last race in Monaco - Nico Rosberg retaking it, Williams getting reacquainted with it and Marussia tasting it for the first time, among other examples. That same, weighted term flew to Canada with the money circus known as Formula One, took all weekend to build and then walloped the front end of the field and the season on Sunday afternoon.
Rosberg carried his Monaco triumph into qualifying, putting his Mercedes AMG Petronas on pole ahead of teammate and reconciled friend Lewis Hamilton. Reigning World Champion Sebastian Vettel finally got the better of Daniel Ricciardo, lining up for Infiniti Red Bull Racing in third ahead of his teammate in sixth, split up by Valtteri Bottas and Felipe Massa in the Williams. Ferrari, having brought numerous aero updates for this race, didn't get the push it was really looking for, Fernando Alonso happy to get seventh ahead of Kimi Räikkönen, still troubled by his F14T, in tenth. Jean-Eric Vergne secured eighth for Toro Rosso, Jenson Button lining up ninth for a still-struggling McLaren.
When the lights went out, Mercedes, Williams and Marussia would all find out how quickly momentum can short circuit or disappear in a sparkly ball of high-speed contact, spilled fluids and tire barriers.

Ferrari stock demand exceeding supply

As with the Ferrari cars, so it is with shares in the company's initial public offering: When Ferrari has a limited quantity of something to sell, demand far outstrips supply. Investors told banks weeks ago that bids for the $1 billion in stock – up to 18.89 million shares – would exceed the number of shares available over the entire expected range of $48 to $52. Ten percent of the company is going on the block' Bloomberg reports that the books close on the IPO on Monday at 4:00 pm. The final price will be set on Tuesday, and trading will begin Wednesday under the ticker symbol RACE on the New York Stock Exchange. Piero Ferrari, the son of Enzo Ferrari, will hold onto the ten-percent stake he currently has in the company. Fiat Chrysler will disburse the final 80 percent to its investors sometime in 2016. In combination with spinning Ferrari off from its parent company next year, the share sale is expected to put $4 billion into Fiat Chrysler coffers, which will be used to help fuel the growth of Alfa Romeo, Jeep, and Maserati. Assuming all goes to plan, Bloomberg says Ferrari will be valued at roughly $12 billion, a number $1 billion greater than the valuation Fiat Chrysler CEO Sergio Marchionne put on Ferrari earlier this year and higher than the brand's own internal assessment. Related Video: