Motor racing-Ferrari would let Schumacher go - chief

ROME Dec 14 (Reuters) - Ferrari will not stand in Michael Schumacher's way if the seven-times Formula One world champion decides to come out of retirement and race for Mercedes, president Luca di Montezemolo told Reuters on Monday.

The 40-year-old has worked as a consultant for the Italian team since retiring at the end of 2006 but reports say he is close to signing with Mercedes, who have taken over world champions Brawn.

Schumacher announced in September he would work as a consultant for Ferrari for another three years. Asked if Ferrari would enforce the deal, Montezemolo said: "No, not binding."

"It's clear that if he decides to take another road our (consultancy) agreement will no longer be valid, that is logical. You can't work with a competitor and with us at the same time," Montezemolo told Reuters in an interview.

(Writing by Mark Meadows; Editing by Justin Palmer; To query or comment on this story email sportsfeedback@thomsonreuters.com)