Ferrari president Luca di Montezemolo has given up on the idea of securing a leading role in Italian politics and will instead concentrate on the future of the Maranello company.

Montezemolo had been hoping to win a seat in the Italian parliament with Italia Futura, the liberal-centrist think tank he founded in 2009. However, there was speculation that a ministerial position might cause a conflict of interest in terms of his role with Ferrari to the extent that he might be forced to step down.

Consequently, he has opted to give up on his political dream an will instead concentrate on Ferrari - which some might say offers just as much political intrigue - whilst throwing Italia Futura's full support behind Mario Monti's bid for a second term.

"I will not run for a seat," he told La Repubblica. "I will leave room to the many quality people who have supported and worked for the association these years. It's only fair that they should be the main players.

"Italia Futura is about to turn into something a lot wider and diverse, and I won't be the leader of that," he continued "Obviously it will be the political home for myself, for tens of thousands of Italia Futura associates, and for millions of voters who will choose it. I will support it with determination before and after the elections, but in a position that won't lead to any suspicions of conflicts of interests."