Editing Enzo Ferrari (section)

==Merging with Fiat==
[[File:Enzo Ferrari - Monza, 1966.jpg|thumb|Ferrari at Monza in 1966]]
By the end of the 1960s, increasing financial difficulties and the problem of racing in many categories and having to meet new safety and clean air emissions requirement for road car production and development, caused Ferrari to start looking for a business partner. In 1969 Ferrari sold 50% of his company to [[Fiat S.p.A.]], with the caveat that he would remain 100% in control of the racing activities and that Fiat would pay a sizable subsidy until his death for use of his Maranello and Modena production plants. Ferrari had previously offered [[Ford Motor Company|Ford]] the opportunity to buy the firm in 1963 for US$18 million (${{formatnum:{{Inflation|US|18000000|1963}}}} in {{Inflation-year|US}} dollars {{inflation-fn|US}}) but, late in negotiations, Ferrari withdrew once he realized that Ford would not agree to grant him independent control of the company racing department. Ferrari became a joint-stock company, and Fiat took a small share in 1965. In 1969, Fiat increased their holding to 50% of the company. In 1988 Fiat's holding rose to 90%.<ref>{{cite web |title=COMPANY NEWS; Fiat Raises Stake In Ferrari to 90% |url=https://www.nytimes.com/1988/09/08/business/company-news-fiat-raises-stake-in-ferrari-to-90.html |website=The New York Times |date=8 September 1988}}</ref>

Following the agreement with Fiat, Ferrari stepped down as managing director of the road car division in 1971. In 1974, Ferrari appointed [[Luca Cordero di Montezemolo]] as Sporting Director/Formula One Team manager. Montezemolo eventually assumed the presidency of Ferrari in 1992, a post he held until September 2014. [[Clay Regazzoni]] was runner-up in 1974, while [[Niki Lauda]] won the championship in 1975 and 1977. In 1977, Ferrari was criticized in the press for replacing World Champion Lauda with newcomer [[Gilles Villeneuve]].<ref>{{cite web|title=Enzo's Favorite - Gilles Villeneuve|url=https://www.carthrottle.com/post/wb8v85l/|access-date=2021-08-13|website=Car Throttle|date=2 January 2017 |language=en}}</ref> Ferrari claimed that Villeneuve's aggressive driving style reminded him of [[Tazio Nuvolari]].<ref>{{cite web|last=McLauchlan|first=Bill|date=August 2003|title=As good as Nuvolari?|url=https://www.motorsportmagazine.com/archive/article/august-2003/91/good-nuvolari|access-date=2021-08-13|website=[[Motor Sport Magazine]]|language=en-GB}}</ref> These feelings were reinforced after the [[1979 French Grand Prix]] when Villeneuve finished second after an intense battle with [[René Arnoux]]. According to technical director [[Mauro Forghieri]], "When we returned to [[Maranello]], Ferrari was ecstatic. I have never seen him so happy for a second place."<ref>{{cite web|url=https://autosprint.corrieredellosport.it/news/edicola/2019/09/16-2375644/i_grandi_duelli_della_formula_1/|title=I grandi duelli della Formula 1 |date=2019-09-16 |website=autosprint.corrieredellosport.it}}</ref>