Michael Schumacher extended his contract with Ferrari until the end of the 2002 season. A spokesman for the Ferrari team announced yesterday that "Michael Schumacher will continue his collaboration with the Scuderia Ferrari-Marlboro until the end of the 2002 season. In the context of the consolidation of the relationship Schumacher will also act as "ambassador" of the Fiat trademark".

Ferrari president Luca di Montezemolo added that "We only want the best driver, and Michael is the best. Due to his input in the team we are where we are now, which makes him worth every penny we pay him."

Schumacher's new salary is said to be 30 million US Dollar a year, partly funded by the Fiat Concern and partly by Marlboro, Ferrari's prime sponsors. On top of that, Schumacher will continue to collect earnings from his own merchandising deals, estimated to bring the German at least 10 million US dollars more per year.

However, Schumacher's new contract no longer carries a premature departure clause, which enables him to leave the team prior to its expiration due to lack of competitive performance, like the clause he has in his current contract. "I'm aware that there won't be any clause to leave the team in the future," Schumacher said, "but I don't need that anymore, as I'm absolutely positive that we will continue to form a great team... Never change a winning team."