Schumacher pleased with contract extension

The German's contract ends speculation that he would retire at the end of 2004, and Schumacher has said that it was almost to be taken for granted that he would extend his contract with Ferrari, having claimed three of his five world titles with the team.

"I love this sport I do and I feel extremely comfortable at Ferrari," said Schumacher. "It was therefore almost something to be taken for granted that I would extend my contract to the end of the 2006 season. The fact that Jean Todt and other key personnel in the team have also confirmed their plans to stay with Ferrari for the same period of time made this decision even easier to take.

"I am really pleased to be able to work with a team like this, with great friends, in the hope of enjoying even more success together. We have some exciting seasons ahead of us and, as usual, I am ready to give these great challenges my best shot. Ferrari is like a second family to me and I am proud to be part of this marvellous group."