Schuey stays 'til 2002
Friday 17th July 1998

It has been announced today that Ferrari have extended Michael Schumacher's contract until the year 2002, thereby keeping faith in him to end its barren world championship run. The German driver, 29, world champion in 1994 and 1995, had been on a £15 million-a-year contract taking him through to the end of the 1999 season. Ferrari announced it had secured his services for a further three years, including a condition that he acts "as ambassador of the Fiat trademark". No financial details were announced, but Schumacher was believed to be seeking more than £20 million annually.

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