According to today's Financial Times
, Mr Colaninno knows that the Fiat management, the controlling Agnelli family and the Italian government are likely to reject his plan. Financier Emilio Gnutti's plans to inject a similar amount into the company - but, unlike Colaninno, to shun any managerial role - is the Italian Government's preferred option.
But Mr Colaninno insists that his plan will deliver results.
"You have to bring three assets: money, people and time - at least five years' time. If you bring all of these three, my opinion is that it is possible to make a turnround of Fiat ".
But he warns: "If you don't put at least 8bn euro in, the situation at Fiat will be very bad."