Luca di Montezemolo has elected to take a step back from his political aspirations after announcing that he won't run for a seat in the Italian Parliament.

The Ferrari president, who set up the Italia Futura party back in 2009, had been widely tipped to push ahead with a bid to secure a role in Parliament - although such a move would have led to a conflict of interests thanks to his role as president of Ferrari.

As a result, di Montezemolo has taken the decision not to run for a seat in Parliament and will remain in his position as head of Ferrari, although he insisted he still had a role to play within Italia Futura moving forwards.

"I will not run for a seat," he told La Repubblica. "I will leave it to the many qualified people who have supported and worked for the association in the past few years. It is only fair that they are the key players.

"Italia Futura is close to turning into something a lot more widespread and diverse and I won't be the leader of it. I will support it with determination, but not in a position that will lead to any conflicts of interests."



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