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Rossi to pay US$50.8 million in taxes

Valentino Rossi will reportedly pay about 35 million euros (US$50.8 million) to settle a dispute with Italian tax authorities.

The Gazzetta dello Sport reported on Friday that authorities had been investigating the seven-time motorcycling world champion and wanted 112 million euros in unpaid taxes, fines and interest.

Rossi will hold a news conference on Tuesday after meeting the tax authorities to settle the dispute, the newspaper said.

Rossi, who had said he would pay if found to have avoided taxes, couldn't be reached for comment. Yamaha team manager Davide Brivio declined to comment, saying it was a personal matter for Rossi.

Rossi, Italy's highest paid athlete, is alleged to have failed to declare 60 million euros from 2000-2004.
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