Luca di Montezemolo, the former Ferrari chairman, today spoke only briefly to reporters and refused to elaborate on the short statement, the Daily Mail reports.
Schumacher is still receiving treatment at his home in Switzerland following head injuries he suffered in a skiing accident in France in December 2013.
'I have news and unfortunately it is not good,' Montezemolo told reporters without giving any further details. 'Life is strange. He was a fantastic driver and only had one accident with Ferrari in 1999.'
'He was a great driver and we shared a great personal and professional relationship, we also had the pleasure of having our children at similar times.
'Unfortunately a fall while skiing, an accident, has broken him,' Italian newspaper La Gazzetta dello Sport reported.