PESARO, Italy (Feb. 12) - Seven-time motorcycling world champion Valentino Rossi paid about $27.6 million Tuesday to settle a dispute with Italian tax authorities, news reports said.

The figure could rise to $50.9 million when his 2005-06 earnings are also taken into consideration, the ANSA news agency reported.

"I'm much more serene now. Everything is much clearer, and I can concentrate on my work," Rossi said in a televised news conference after exiting the tax agency in his hometown.
Italy's tax agency announced in August that it was investigating Rossi - the country's highest paid athlete - for possible undeclared earnings of $87.3 million from 2000-04.

The agency said Rossi, who has been a British resident since 2000, allegedly did not declare revenues from sponsors and his team to either British or Italian authorities during that period.

Rossi has said his accountants assured him that he had complied with the law.

"I reached a fork in the road," Rossi said. "I could have fought this - and I could have won or lost - but it would have taken a very long time."

Rossi added that he has decided to live in Italy again.

"London is a very interesting city, but spending more time with my family and my friends has become of greater importance considering all my affairs around the world," Rossi said, adding that he would declare his taxes for 2007 in Italy.

i did int think they got payed that much bet u he is pissed at that

He is worth about £20 -25 mil a year..and that is outwith his various sponsorship deals. Nice work if you can get it eh! maybe with all the tax crap out of the way he can concentrate on winning The title back..hopefully there will be some cracking racing this season I'm a fan just because of the skill he has as a rider..cant wait for the first race....

The only certainties in life they say are Death & Taxes. Look's like Rossi has stared both in the face!!!