Valentino Rossi gives update on tax investigation

As Yamaha completed the official launch of the 2008 Fiat-backed team in Italy today, Valentino Rossi could not escape questions about the tax investigation that rocked the 28-year-old sporting icon last summer.

Rossi is under investigation for tax evasion centred on his move to London. He could face a fine of up to £40m and admitted today that the high-profile issue was still unresolved.

Rossi said: “Financially I’m becoming an expert of taxation. We are currently in discussions trying to find a solution as soon as possible.”

One of the fallouts from Rossi’s tax investigation was his split from the Great White London management company.

Rossi added: “My former manager is no longer there anymore and I am putting together a team who I trust.”