Reports from Brazil claim Formula 1 and IndyCar champion Emerson Fittipaldi is facing bankruptcy.

Citing a newsmagazine report aired Sunday night on the TV Record network, Brazilian motor racing site http://grandepremio.uol.com.br says the footage depicted seizure of "the car #20 [Patrick Racing Indy car that] Emerson won the Indianapolis 500 in 1989" from Fittipaldi's office in Sao Paulo, and that along with trophies that were taken, the items "won throughout his career will also serve as payment of debts."

The site reports everything from office furniture to items Fittipaldi kept as part of a personal museum were seized, transported to the Interlagos circuit for holding, and "they will be evaluated and auctioned off."

Debt in the range of $7.5 million ($27 million Brazilian real) was also listed: "For the ten companies that are part of Fittipaldi, based in São Paulo - many of them no longer exist, such as the International Sports Marketing - there are requests for seizure, trade and mortgages totaling debts valued at R $27 million. Creditors went to court demanding payment for services."

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