During his induction to the Automotive "Hall of Fame" in Detroit, former Ferrari president Luca di Montezemolo dedicated his recognition to recovering Formula One racer and world champion Michael Schumacher.

"I don't know if I would have received this award without him. It is dedicated to him, because he is trying to win his toughest race," Montezemolo said as quoted by Express.

The 46-year-old F1 driver is currently recovering from severe head and brain injuries he sustained from a ski accident in the French Alps last December 2013.

He was placed in induced coma, regained consciousness then was transferred to a Swiss hospital and finally headed back to his home on Lake Geneva where he is currently recovering.

According to Express, the ex-Ferrari executive said that what happened to Schumacher accident was "very sad."

"He was not only someone I worked with, but above all a friend with whom I shared so much. To know that he now lies in bed for such a long time is very sad," he also said.

In an interview with Sports Illustrated, Montezemolo said Schumacher was a "crucial person" in his career with Ferrari.

"In 1992, Ferrari was forced to close production for a few weeks. It was very difficult to compete in Formula 1. Michael was a crucial person. He arrived in 1996. He was with us until 2006. And then two more years as sort of a consultant. He's part of my life. The good moments," he explained.

He also said that since the racer is still recovering from his injuries and is in a difficult moment in his life, he thought of offering him his award.

"So in this moment, I think of Michael and I think of all the people that have been so good behind the scenes because if [Fiat Chrysler CEO Sergio] Marchionne says to you that the value of Ferrari would be $10 billion on the market? I don't know. Maybe it's more," Montezemolo addedd.

According to Express, the ex-Ferrari head stepped down in September last year due to "an internal power struggle with current chair Marchionne."

He is currently the non-executive head of Alitalia, the national airline of Italy.

As for Schumacher, there are still no concrete updates on the racer as his family wanted to keep their privacy on his condition.

But Gospel Herald said that his medical expenses have ballooned to around $150,000 per week since a medical team monitors his condition 24-7.

Meanwhile, Schumacher's wife, Corinna, has recently sued three tabloids - Bunte, Freizeit Revue and Freizeit Spaß - for reporting about updates on his health including statements that claimed he has already spoken his first words, accordin to the Telegraph.

The regional court in Munich already banned the reports on Schumacher.

"The court's chamber dealing with press law considered the contested forms of coverage as being inadmissible in essential respects and banned them," added Telegraph.

The court reportedly ruled against the magazines after finding that their coverage "removed his privacy and was the subject of speculative hope and voyeuristic observation."