Schuey and Rubens sign new Ferrari contracts

Ferrari has announced the re-signing of both its current Formula 1 drivers. World champion Michael Schumacher will stay with the Prancing Horse until the end of 2004, while Rubens Barrichello is given a further one-year extension

Schuey and Rubens sign new Ferrari contracts

Schumacher's new contract means he will effectively conclude his Formula 1 career with Ferrari. The reigning world champion, whose current contract expires at the end of 2002, has extended his deal until the conclusion of the 2004 season.

The new agreement is thought to be worth £45million over the extra two years - a slight increase on his current estimated £20million-per-year salary. The German triple world champion is currently 32-years-old and will be 35 when his new deal expires.

Schumacher's team mate Rubens Barrichello has also had his contract extended. It was due to expire at the end of this year, but he will remain with Ferrari until the end of the 2002 season, ending recent speculation that his drive was in doubt.

The rest of Ferrari's 'dream team' of sporting director Jean Todt, technical director Ross Brawn and engine specialist Paolo Martinelli had already confirmed in February that they will stay on at Ferrari until the end of 2004.

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