Team bosses 'welcome' Ferrari decision

McLaren boss Ron Dennis said: "We love a challenge. Formula 1 is competitive and if they weren't there and you won, people would say: 'ah yes, but...' I think it's great that Michael is staying in and I hope we're the team to beat them."

Williams-BMW chief Sir Frank Williams added: "It's good in one way that Michael's off the driver market, but depressing news that they'll stay together."

BAR Honda team principal David Richards said: "It's quite hard to keep up that level of performance year after year, and there will come a day when they are challenged."

Eddie Jordan, meanwhile, said: "I happen to believe that Michael will never see out that time. I'd like to see the exit clause in the contract. I believe there are a lot of talented up-and-coming drivers and I think Michael will make sure that he leaves with dignity. I'd be surprised if he went beyond 2004. There are a lot of talented combinations out there."