Ferrari’s Montezemolo says no to Rome 2020 bid job

Ferrari president Luca di Montezemolo has decided against leading Rome's bid to host the 2020 Olympics, the city's mayor said on Monday.
Montezemolo, who organised Italy's 1990 soccer World Cup and has been chairman of Fiat, was proposed as a possible bid head last week but said he would only take the job if there was enough financial and government support.
"I'm sorry that Luca di Montezemolo has decided there are not the conditions to accept the role," mayor Gianni Alemanno told reporters.
The 63-year-old has been mulling entering politics but said he was committed to Ferrari at the Formula One team's season launch last month.
Rome beat off competition from Venice to be Italy's candidate for the 2020 Summer Games.
Italy's International Olympic Committee vice president Mario Pescante is now set to take on the role.
The IOC will decide on the hosts in 2013 with the likes of Dubai and Japanese cities among those to have shown interest.