Montezemolo expresses sadness over Michael Schumacher's health

The German is still receiving intensive treatment far from the public eye at his home in Switzerland following severe head injuries that he suffered in a skiing accident in France in December 2013.

"I have news and unfortunately it is not good," Montezemolo told reporters without giving any further details.

"Life is strange. He was a fantastic driver and only had one accident with Ferrari, in 1999," the former Ferrari chairman said at the Quattroruote Day event on Thursday morning.

"I think back to this tragedy with deep sadness today," added.

"I am close to Corinna, his wife, and Mick and Gina-Maria, his children, and on January 3, the day of his birthday, I will call Corinna.

"Even with this great sadness, I still believe in a miracle. Meanwhile, I will remember the memories of our triumphs."

The BBC reports Schumacher's manager Sabine Kehm declined to comment when contacted.

Similar statements have been made in the past by friends of Schumacher's, including FIA chief Jean Todt.

But the family have not issued any kind of update since last May, when Kehm said that, "he is making progress [but] people must always keep the seriousness of his injuries in mind."

Kehm's only more recent statement was to refute a story late last year in a German magazine called Bunte that claimed the seven-times world champion was able to walk again.

"Such speculation is irresponsible, because given the seriousness of his injuries, his privacy is very important for Michael," Kehm said at the time.

"Unfortunately they also give false hopes to many involved people."