Franco Ambrosio
Encyclopedia
Franco Ambrosio was a businessman from Italy
who financed Formula One
racing teams Arrows
and Shadow
in the 1970s. He became a multi-millionaire through wheat trading, primarily for pasta production, and built up a large business empire. He was involved in financial scandals and served jail terms. He was murdered in a robbery at his home near Naples
in 2009.
and close to Mount Vesuvius
.
Formula One team in 1976, backing the Italian driver Renzo Zorzi
. Zorzi's lack of success lead Ambrosio to have him replaced by the more promising Riccardo Patrese
. Ambrosio joined the majority of the Shadow staff when they broke away to form the Arrows
Formula One team for the 1978 season. The first Arrows car was named FA1, using Ambrosio's initials. Ambrosio ceased his sponsorship when jailed in the same year for financial offences.
At the time of his death Ambrosio was due in court to appeal against a nine year prison sentence for false accounting when declaring the bankruptcy of his company.
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
who financed Formula One
Formula One
Formula One, also known as Formula 1 or F1 and referred to officially as the FIA Formula One World Championship, is the highest class of single seater auto racing sanctioned by the Fédération Internationale de l'Automobile . The "formula" designation in the name refers to a set of rules with which...
racing teams Arrows
Arrows
Arrows Grand Prix International was a British Formula One team active from to . For a period of time, it was also known as Footwork.-Origins :...
and Shadow
Shadow Racing Cars
Shadow Racing Cars was a Formula One and sports car racing team, founded and initially based in the United States although later Formula One operations were run from Britain.-1971-1972: Early years in CanAm series:...
in the 1970s. He became a multi-millionaire through wheat trading, primarily for pasta production, and built up a large business empire. He was involved in financial scandals and served jail terms. He was murdered in a robbery at his home near Naples
Naples
Naples is a city in Southern Italy, situated on the country's west coast by the Gulf of Naples. Lying between two notable volcanic regions, Mount Vesuvius and the Phlegraean Fields, it is the capital of the region of Campania and of the province of Naples...
in 2009.
Background
Francesco Vittorio Ambrosio was born on 18 September 1932 in the village of San Gennariello di Ottaviano near NaplesNaples
Naples is a city in Southern Italy, situated on the country's west coast by the Gulf of Naples. Lying between two notable volcanic regions, Mount Vesuvius and the Phlegraean Fields, it is the capital of the region of Campania and of the province of Naples...
and close to Mount Vesuvius
Mount Vesuvius
Mount Vesuvius is a stratovolcano in the Gulf of Naples, Italy, about east of Naples and a short distance from the shore. It is the only volcano on the European mainland to have erupted within the last hundred years, although it is not currently erupting...
.
Business career
At the age of 18 he joined a wheat milling business near Naples which he rose to lead within 10 years. He renamed the business Italgrani SpA in 1960 . Its huge financial growth lead to his nickname 'the king of grain' (Italian: il re del grano). Italgrani expanded rapidly in the 1980s into Africa, Australia, and the United States. Ambrosio created a holding company comprising up to 50 companies, importing and exporting various commodities. The businesses gradually unravelled in the 1990s as his involvements in several financial scandals were discovered. He declared the Italgrani company bankrupt in 1999.Formula One
Ambrosio sponsored the ShadowShadow Racing Cars
Shadow Racing Cars was a Formula One and sports car racing team, founded and initially based in the United States although later Formula One operations were run from Britain.-1971-1972: Early years in CanAm series:...
Formula One team in 1976, backing the Italian driver Renzo Zorzi
Renzo Zorzi
Renzo Zorzi is a former racing driver from Italy who participated in 7 Formula One Grands Prix between 1975 and 1977.Between odd races for Williams in Formula One, Zorzi raced in Formula 3...
. Zorzi's lack of success lead Ambrosio to have him replaced by the more promising Riccardo Patrese
Riccardo Patrese
Riccardo Gabriele Patrese is an Italian former racing driver, who raced in Formula One from to .He became the first Formula One driver to achieve 200 Grand Prix starts when he appeared at the 1990 British Grand Prix, and the first to achieve 250 starts at the 1993 German Grand Prix...
. Ambrosio joined the majority of the Shadow staff when they broke away to form the Arrows
Arrows
Arrows Grand Prix International was a British Formula One team active from to . For a period of time, it was also known as Footwork.-Origins :...
Formula One team for the 1978 season. The first Arrows car was named FA1, using Ambrosio's initials. Ambrosio ceased his sponsorship when jailed in the same year for financial offences.
Financial scandals
Ambrosio was involved in a number of financial scandals. These include colluding with politicians who approved large bank loans in return for kickbacks and campaign contributions, money-laundering and involvement in the Enimont scandal, in which a large chemical company was found to have bribed politicians in return for tax relief. In 1994 he was arrested for fraudulently claiming EU subsidies for non-existent grain shipments to Algeria.At the time of his death Ambrosio was due in court to appeal against a nine year prison sentence for false accounting when declaring the bankruptcy of his company.