Ferrari sign up for F1 future

Ferrari have ruled themselves out of a breakaway series in 2008 and are now committed to Formula One until 2012.

Their signing of an extension to the Concorde Agreement, which governs the running of the sport, undermines any moves by other F1 teams to set up a rival series.

Four manufacturers - Ferrari, DaimlerChrysler (Mercedes), Renault and BMW (Williams) - were using the threat of the Grand Prix World Championship (GPWC) to get a better deal from F1 impresario Bernie Ecclestone.

Ecclestone expressed his joy at Ferrari's actions - it has long been accepted that whichever side grand prix racing's most successful and prestigious team took would hold all the aces in the bargaining stakes.

He also said that all the teams would be getting more money and a greater say in the running of the sport should they also sign the new agreement.

He said: "I am delighted. The future of F1 has now been stabilised.

"The parts of the Concorde Agreement they were concerned with will be dealt with and they are going to get more money."

Ecclestone said he was offering the teams an extra £267million over the next three years.

And while other teams, including McLaren, Williams and Renault, had not yet signed, he made it known they were aware of the new terms.

He told BBC Sport: "The people I have spoken to are happy - about four or five of them.

"At the moment, when I've spoken to them on the phone, the answer was: 'It's positive'."

FIA president Max Mosley said: "We are very pleased to have reached this agreement with F1's commercial rights holder (Ecclestone) and the oldest team in the championship.

"The agreement is significant because it will ensure the future development of the FIA's most important championship."

Ferrari president Luca di Montezemolo added that his team's actions had sent out "a strong message of stability".

"The agreement is in line with what Ferrari had hoped for, for a long time," he said.