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Merging with Fiat

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 by his Maranello and Modena production plants. Ferrari had previously offered Ford the opportunity to buy the firm in 1963 for US$18 million ($ 179,139,130 in 2023 dollars) 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%.

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. Ferrari claimed that Villeneuve's aggressive driving style reminded him of Tazio Nuvolari. 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."