place. Ferrari then retired from sports car racing to focus on the ailing Formula One effort. 1974–1987 – Niki Lauda and the 1980s Ferrari enjoyed a successful spell in Formula One in the 1970s, with Niki Lauda winning the World Championship in 1975 and 1977, and Jody Scheckter in 1979. In the 1980s, however, the team entered a period of crisis, culminating with the death of Gilles Villeneuve in Belgium in 1982 and a nearly-fatal accident for Didier Pironi in Germany the very same year. 1988 – The death of Enzo Enzo Ferrari died in 1988, at the age of 90. The last new model he commissioned was the specialist F40. Fiat increased its stake in Ferrari to 90% after buying the shares of its founder. Former Sporting Director Luca Cordero di Montezemolo was appointed President in 1991. 1996 – champion Schumacher to Scuderia Ferrari The hiring of Jean Todt as sporting director in 1993 and Michael Schumacher in 1996 triggered a comeback of the F1 team, with three wins in 1996, and close yet eventually losing challenges to the driver's championship in the years 1997 to 1999. 2000–2004 – Schumacher dominates Formula One In an unprecedented and record-setting fashion, Schumacher and Ferrari dominated Formula One, winning the World Driver's championship from 2000 through 2004 and the Constructors' Championship from 1999 through 2004. 2002–2010 – new shareholders In June 2002, Fiat sold 34% of Ferrari to a Mediobanca-led consortium of banks for €775.2 million. The consortium comprised Commerzbank (who got a 10% stake for €228 million), Banca Popolare dell'Emilia Romagna (BPER Banca) (1.5%) and Compagnie Monégasque de Banque (CMB Monaco) (1%). Mediobanca retained a 21.5% stake. In July 2005, Mediobanca sold 5% of Ferrari to Mubadala Development Company (now Mubadala Investment Company), an investment company wholly owned by the Government of Abu Dhabi. The deal saw Mubadala pay €114 million to purchase the five percent stake. In October 2006, Fiat bought back the 29% stake still owned by the consortium, paying €892 million. At the time of the transaction, Mediobanca owned an 11.7% stake, Commerzbank the 8.5%, ABN AMRO the 7.5% and BPER Banca the 1.3%. In November 2010, Fiat paid €122 million to buy back the last 5% stake owned by Mubadala Development. With this transaction, Fiat's stake in the luxury Italian car maker returned to 90%. 2014–2016 – The spin-off In October 2014, Fiat Chrysler Automobiles (FCA) announced