Schumacher and Barrichello Renew Their Contracts

Ferrari drivers Michael Schumacher and Rubens Barrichello will remain with the Italian team after it was announced on Tuesday both their contracts have been renewed by the Maranello-based outfit.

World champion Schumacher, whose contract expired at the end of the 2002 season, has signed an extension to stay at Ferrari until the end of 2004.

"I have often said before how well I get on here at Ferrari and that for me, the Scuderia is like a second family," said Schumacher. "I am very happy to have prolonged my stay by another two years and I hope that this continuation with the team will bring plenty of successes.

"I had little doubt that I would do it, once Jean Todt, Ross Brawn, Paolo Martinelli and Rory Byrne had extended their contracts. The discussions took place in the same positive atmosphere which has typified our relationship and we soon reached an agreement."

Meanwhile Brazilian Barrichello, who was rumoured to be set to leave Ferrari when his contract expired at the end this season, has finally ended speculation about his future by renewing his contract until the end of 2002.

"I'm very pleased," said Barrichello. "There were a lot of rumours about my contract, but I knew everyone - from the President, Mr Montezemolo, and Jean Todt down - inside the Ferrari family were very relaxed about the situation. I think both sides are happy - both myself and Ferrari."