Schumacher Delighted with New Ferrari Deal

Formula One World Champion Michael Schumacher was delighted after renewing his contract with Ferrari until the end of the 2006 season.

"I love this sport, I do, and I feel extremely comfortable at Ferrari," said 34-year old Schumacher. "It was therefore almost something to be taken for granted that I would extend my contract to the end of the 2006 season.

"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 marvelous group."

Five-times World Champion Schumacher's existing deal was due to expire at the end of the 2004 season. Ferrari also said that the technical team that have been behind Schumacher's three straight world titles, including sporting director Jean Todt, would remain in place until 2006.

"In a few days' time, I will reach the tenth anniversary of my joining Ferrari," said Frenchman Todt. "I have always said that I would end my work in this field here at Maranello. I still have a great passion for my work and my motivation is the same as ever. I could not dream of being with a greater team.

"Staying here for a few more years is something to be proud of. I hope that we will be able to give our fans further great satisfaction. I am proud to head up this team and to work for the automobile legend that is Ferrari."

The move ensures that the team, who have dominated the sport for the past three years, will be together for at least three more seasons.

"Ferrari's success over the past few years is based on the great professionalism of the team," said Ferrari president Luca di Montezemolo. "In my opinion, maintaining stability and providing continuity are the most important things. This month, Todt completes ten years with Ferrari and Schumacher is the driver who has been with the team for the longest time, as well as being the one who has brought us the most victories.

"By the end of 2006, he will have been at the front line for Ferrari for ten years. However, a strong team is made up of a group of people: Ross Brawn, Rory Byrne, Paolo Martinelli and Gilles Simon have done an exceptional job over the years and behind them, other gifted engineers are growing in stature and they represent our future."